The crypto lending and borrowing platform Nexo (NEXO) has launched a new investment fund focused on the emerging Web3 industry. The fund will invest USD 150m in “early-stage retail and institutional projects” that are “synergetic” to Nexo’s core business, an announcement from the company said.
The new investment fund, dubbed Nexo Ventures, will for now focus on five areas of investment, according to the firm:
- decentralized finance (DeFi) innovation
- metaverse, non-fungible tokens (NFTs), and GameFi (gaming + DeFi)
- payments and trading infrastructure
- compliance solutions.
The fund will be led by Nexo’s Head of Corporate Finance and Investments, Tatiana Metodieva.
Commenting on the launch of the new venture fund, Metodieva argued that the fund differs from most traditional investment funds.
“We’re native to and have a deep understanding of the digital asset industry and technology. We prioritize strategic investments and aim to integrate innovative solutions into Nexo’s product ecosystem and across our global market footprint,” Metodieva said.
Before launching Nexo Ventures, Nexo had already made investments in a number of crypto ecosystems. These include 1inch, BCB Group, BlockFills, Bware Labs, Interlay, Mizar, Qredo, Rain, Texture Capital, The TIE, and Yield Protocol.
Nexo is a company led by Antoni Trenchev, a former member of parliament in Bulgaria. The company offers a crypto lending and borrowing platform, as well as an exchange and payment card for its users.
Ranked as the 90th most valuable cryptoasset, the NEXO token is traded on a number of major exchanges, including Bitfinex, FTX, and Huobi Global. At 11:40 UTC, the token was down 3.5% for the past 24 hours and up 4.5% for the past week to a price of USD 2.2.
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Source: Crypto News