Crypto.com Capital Hires Jon Russell as GP, Hints at Increasing Fund Dimension
Crypto.com 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.
- Crypto.com 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 Crypto.com 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.
- Crypto.com 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): Crypto.com 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.