Nexo (NEXO), a cryptocurrency lending and borrowing platform, has announced a new investment fund focusing on the rapidly growing Web3 market. According to a company announcement, the fund would invest USD 150 million in “early-stage retail and institutional projects” that are “synergetic” with Nexo’s core business.
Nexo Ventures, the firm’s new investment vehicle, will initially focus on five investment areas:
- Web3
- decentralized finance (DeFi) innovation
- metaverse, non-fungible tokens (NFTs), and GameFi (gaming + DeFi)
- payments and trading infrastructure
- compliance solutions.
Tatiana Metodieva, Nexo’s Head of Corporate Finance and Investments, will lead the fund.
Metodieva said, in response to the announcement of the new venture fund, that the fund is unlike most typical investment funds.
“We’re native to and have a deep understanding of the digital asset industry and technology. We prioritize strategic investments and aim to integrate innovative solutions into Nexo’s product ecosystem and across our global market footprint,” Metodieva said.
Nexo had already invested in a number of crypto ecosystems prior to creating Nexo Ventures. 1inch, BCB Group, BlockFills, Bware Labs, Interlay, Mizar, Qredo, Rain, Texture Capital, The TIE, and Yield Protocol are among these companies.
Nexo is a firm founded by Antoni Trenchev, a former Bulgarian member of parliament. The company provides its consumers with a cryptocurrency loan and borrowing platform, as well as an exchange and payment card.
The NEXO cryptocurrency, which is ranked 90th in terms of market capitalization, is traded on a number of major exchanges, including Bitfinex, FTX, and Huobi Global. At 11:40 UTC, the token had fallen 3.5 percent in the previous 24 hours but had gained 4.5 percent in the previous week, to USD 2.2.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
