Luno Expeditions may fund as many as 250 startups annually. These startups complement the investment strategies that its grandparent company, DCG, has long defined.
Web3.0 startup and those in the Fintech space Luno is a digital currency platform owned by the Digital Currency Group (DCG), has launched Luno Expeditions, its Venture Capital (VC) outfit. As reported by TechCrunch, the new VC offshoot will engraft itself as a funding outfit for cryptocurrencies. Or they are a Web3.0 startups and those in the Fintech space.
Statement of The Luno Floats CEO
According to Emily Chang, Chief Executive Officer of the new offshoot leading a team of five. Also, the decision would be to focus on both crypto and Fintech firms. This decision will be one the basis of the fact that the entire outlook of the digital currency ecosystem is still being built. Some Fintech firms fill in the bridge or gap that crypto startups are yet to fill.
she added,
“There is still a lot of work that needs to be done in building the infrastructure that crypto will rely on. So our aim is to be supportive of this broader ecosystem. So what this practically means is we will invest in fintech companies that we feel match that long-term thesis, not just any Fintech company,”.
She also added,
“From a capital and management fee perspective. It also allows us to finance investments with evergreen capital, which we believe is more valuable to founders building companies in the Fintech space. It also wells align all of our long-term interests.”
The emergence of Luno Expeditions trails attempts by established companies. It includes Paradigm Capital, Coinbase Ventures, and Andreessen Horowitz (a16z), to pump into the fast-growing digital currency ecosystem.
