Kraken, the fourth-largest cryptocurrency exchange by trading volume, has announced the launch of a new venture fund that will invest in early-stage cryptocurrency and tech startups.
- According to a Thursday announcement, Kraken Ventures will be led by former head of corporate development at Kraken, Brandon Gath, and will operate as an independent fund.
- However, Kraken, the exchange, will provide financial backing, as well as guidance and expertise.
- Startups selected by Kraken Ventures will receive investments ranging from $250,000 to $3 million, Kraken told CoinDesk.
- Specifically, the fund will focus on areas including fintech, crypto companies, protocols, DeFi, artificial intelligence, machine and deep learning, regulatory technology and cybersecurity.
- “As we enter the crypto industry’s next growth phase, Kraken Ventures will support entrepreneurs in making the financial system more open, inclusive, and transparent,” said Jesse Powell, co-founder, and CEO of Kraken.