Its first fund had a corpus of $10 million, which was deployed across 100 blockchain startups such as Casper Labs, Splinterlands and Kilt. Fifteen of the investments from its previous fund were in India.
From the new fund Cypher Capital will typically invest $200,000 to $500,000, though this could go up to $1.5 million. It will invest in tokens in a big way and also plans to pick up stakes in established blockchain funds as general partners (GPs) and limited partners (LPs) as part of its value proposition, it said.
In an interview with ET, Vineet Budki, managing partner of Cypher Capital, said India has a combination of talent, successful projects and plenty of retail crypto investors, which makes it lucrative for venture capital funds to invest in Indian blockchain and crypto startups.
“India has shown exceptional interest in blockchain ecosystem building with projects such as Matic (Polygon) and hence holds special value for us. We believe in educating people on use cases such as decentralised finance (DeFi), lending and borrowing and play-to-earn gaming, and handholding blockchain startups to build valuable companies,” Budki said.
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