OP Crypto launches $100M fund to back early-stage crypto VCs

OP Crypto, a cryptocurrency venture capital firm founded by former Huobi executive David Gan, is launching a new fund to support emerging fund managers focused on early-stage crypto investments. Named “OP Funds of Funds I,” the fund has secured $50 million in commitments from major companies like FTX’s investment subsidiary LedgerPrime and FJ Labs. The OP FoF I will target a hard cap of $100 million, with founders planning to close out the fund by the end of Q3, OP Crypto’s chief operating officer Lucas He told Cointelegraph. The fund…

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Infamous North Korean hacker group identified as suspect for $100M Harmony attack

The Lazarus Group, a well-known North Korean hacking syndicate, has been identified as the primary suspect in the recent attack that saw $100 million stolen from the Harmony protocol.  According to a new report published today by blockchain analysis firm Elliptic, the manner in which Harmony’s Horizon Bridge was hacked and the way stolen digital assets were consequently laundered bears a striking resemblance to other Lazarus Group attacks. “There are strong indications that North Korea’s Lazarus Group may be responsible for this theft, based on the nature of the hack…

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A ‘very ambitious’ $100M Metaverse R&D hub is being built in Melbourne

Thailand based metaverse startup Translucia Global Innovation has partnered with the Australian software development firm Two Bulls and set aside an initial budget of $100 million to build a Metaverse Research and Development Center (MRDC) in Melbourne. Translucia is a subsidiary of art and entertainment company T&B Media Global which in October 2021 launched its “Translucia Metaverse” project, with a first stage investment of $283 million for the virtual world. Now, T&B are partnering with Two Bulls to build the MRDC to bring the project to life with a slated…

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Almost $100M exits US crypto funds in anticipation of hawkish monetary policy

Institutional investors offloaded $101.5 million worth of digital asset products last week in ‘anticipation of hawkish monetary policy’ from the U.S. Federal Reserve according to CoinShares. U.S. inflation rates hit 8.6% year-on-year at the end of May, marking a return to levels not seen since 1981. As a result, the market is expecting the Fed to take considerable action to reel in inflation, with some traders pricing in three more 0.5% rate hikes by October. According to the latest edition of CoinShares’ weekly Digital Asset Fund Flows report, the outflows…

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Number of DAOs surge, Solana launches $100M DeFi fund

This past week, the decentralized finance (DeFi) ecosystem was ruled by decentralized autonomous organizations and new fund launches for the growth of the Web3 ecosystem. The total number of DAOs surged by eight times while Solana launched a $100 million DeFi fund. Optimism, an Ethereum layer-2 protocol that Vitalik Buterin recently praised for its governance model, lost 20 million tokens due to a mix-up of layer-1 and layer-2 addresses. A leaked 600-page copy of a United States crypto draft bill also grabbed the community’s attention, as it proposes heavy regulatory…

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VeChain’s $100M sponsorship deal with UFC

Blockchain logistics firm the VeChain Foundation has signed a multi-year marketing partnership with the Ultimate Fighting Championship (UFC) worth nearly $100 million, becoming the UFC’s first-ever Layer 1 blockchain partner. The UFC is the largest promoter and event organizer for Mixed Martial Arts (MMA) and VeChain’s marketing assets and brand will be integrated across the UFC in live events, in-arena promotion, social media and other areas. The deal is reportedly worth almost $100 million over a minimum five-year partnership according to an anonymous source quoted by Sports Business Journal. The…

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Solana Ventures sets up $100M fund for GameFi and DeFi in South Korea

Solana Ventures and the Solana Foundation have formed a $100 million fund to help support the growth of nonfungible token (NFT), blockchain gaming and decentralized finance (DeFi) projects in South Korea. In addition to supporting projects built on Solana (SOL), the fund will help keep some Terra-based projects afloat following the collapse of that ecosystem last month. The Solana Foundation believes the developers from Terra should not be held responsible for what happened on the blockchain network. In an interview reported by Bloomberg on June 8, general manager for games…

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Crypto.com’s Cronos launches $100M accelerator for DeFi and Web3

Cronos, a blockchain ecosystem built by major crypto exchange Crypto.com, announced the launch of an accelerator program to fast-track advancements across the decentralized finance (DeFi), Web3 and Metaverse space among others.  Driving the initiative, the Cronos Accelerator Program is backed by $100 million to help crypto projects in seed and pre-seed stages seeking mentorship, funding and growth. According to the announcement, projects shortlisted for the accelerator program will be matched with compatible mentors. Some of the prominent investment partners backing the Cronos Accelerator Program include Mechanism Capital, Spartan Labs, IOSG…

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Singapore venture firm launches $100M Web3 and metaverse fund

Crypto-focused venture firm NGC Ventures has launched a new ecosystem fund dedicated to Web3 projects, underscoring heightened investor demand for startups that are contributing to the development of a decentralized internet.  NGC Metaverse Ventures, the company’s third blockchain fund, raised $100 million from investors that included Babel Finance, Huobi Ventures, Nexo Ventures, Altonomy and GBIC. The fund will allocate capital towards “high-potential projects” in the Web3 economy, according to Roger Lim, NGC Ventures’ general partner. The Web3 fund has already invested in three startups, NGC disclosed on Wednesday. Based in…

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