Protagonist To Invest In Crypto Startups, Raises $100M
- VC firm Protagonist aims to invest in crypto startups and has raised $100 million for the same
- the initial fund will likely overpower its initial plans given the ongoing commitments
The venture capital firm that supports entities in the digital asset industry by investing in pre-revenue or early revenue businesses, Protagonist Capital, has recently launched a $100 million debut fund.
Protagonist co-founders — George Bousis, Dylan Macalinao, and Harry Hurst — aim to use the fund to invest in and incubate early-stage crypto companies in a variety of industries, including gaming, infrastructure, emerging blockchains and ecosystems, security, and privacy.
Moreover, as per the official announcement, the initial fund will likely overpower its initial plans given the ongoing commitments.
Moreover, the announcement reveals that the company is already working closely with a number of companies to “provide the support, capital, and expertise required to bring their products to market.” This includes their token model refining and code contributions.
Three projects: Aptos, Cardinal, and Cogni have been selected as the three initial portfolio companies.
“They [Protagonist] have proactively made technical contributions to improve our roadmap and tech stack to bring Web3 to the masses.”
Aptos co-founder and CEO Mohammad Shaikh stated.
During an interview with TechCrunch, George Bousis, General Partner of Protagonist, classified cryptocurrencies, blockchain technology, and DeFi as the future since they form a bridge between digital and physical assets.
“I think that’s where the future is headed, a world where human behavior and experience doesn’t change but should only improve,”
Bousis added.
Another general partner of the company, Dylan Macalinao, also commented on the funding launch and stated that Protagonist Capital is focused on investing in and incubating the core protocols related to the emerging Web3 ecosystems.
“There will continue to be multiple thriving blockchain networks as each chain forms its own niche of applications and primitives in the next 20 years, and we are excited to play a big part in supporting these networks,”
he added.
Protagonist Capital is not the only company that is aiming to accelerate the Web3 ecosystem’s adoption. Recently as BitcoinWisdom reported, the technological charity startup Change also raised around $5 million in seed funding to enhance its giving operations to important blockchain projects on Web3.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
