Capital Hires Jon Russell as GP, Hints at Increasing Fund Dimension

0 Capital announced Monday it is expanding its $200 million Web 3 fund, and it has appointed Jon Russell, a former technology journalist based in Bangkok, where he wrote for Tech Crunch and The Ken, appointed General Partner based in Asia.

  • Capital originally launched the fund in March 2021 with $200 million in capital, targeting seed and Series A deals in industries such as DeFi, NFTs, blockchain gaming, and the Metaverse.
  • The fund is currently led by co-founder Bobby Bao and is hiring more GPs worldwide. Russell will help expand the fund’s exposure to Asian projects.
  • Russell told CoinDesk that the fund is set to more than double in size and an announcement is expected in the coming days.
  • Capital’s previous investments include Frax Finance and liquidity provider Woo Network.
  • Asia is rapidly developing an immense institutional appetite for digital assets.
  • DBS Bank in Singapore, one of the largest in the region, operates a crypto trading desk. Thailand’s Siam Commercial Bank (SCB) recently acquired a majority stake in Thai cryptocurrency exchange Bitkub.
  • SCB 10x Chief Venture and Innovation Officer Mukaya Tai said she envisions a world where DeFi protocols have disintermediated banks.
  • Despite the bear market, VCs are still willing to invest capital in the ecosystem. This follows FTX’s establishment of a $2 billion venture fund to invest in crypto startups and Sino Global Capital’s opening to outside investors via a $200 million fund.

CORRECTION (Jan 17 06:20 UTC): has come forward to clarify that they will be giving Russell the title of General Partner and not LP. An announcement on Monday said he had been promoted to LP.

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