The Singaporean venture company will open the first in Southeast Asia cryptocurrency fund LuneX Ventures, as stated in its blog. It is planned that the fund will amount to $10 million. LuneX Ventures will invest in startups, which are at an early stage of development.
Potentially, investments can be received by crypto-exchanges, developers of tools in the field of custodial services and blockchain-developers of institutional services. The first transaction will be closed before the end of the year. The Singapore exchange Sparrow Exchange will receive investments. In total, the fund intends to commit up to 10 transactions.
WHY IS IT IMPORTANT?
1. The initiators of the fund are sure that traditional investors are currently fighting for access to digital assets, but they face legal, banking and tax impediments. LuneX Ventures is aimed at solving all these problems.
2. Also, the project representatives emphasize that now is the best time to launch such a fund, since the cryptocurrency assets have fallen in price, but it became finally clear that blockchain is a fundamental technology.