The one-year-old venture capital business said it was looking for “up-and-coming” projects with “disruptive potential” to invest in.
In an interview, the Shanghai-based firm indicated that it would invest in projects aimed at establishing Web3, NFT, and blockchain infrastructure.
The young company invests in the primary and secondary markets using both equity and digital currencies.
Foresight Ventures, a crypto venture capital firm, announced that it will invest hundreds of millions of dollars in Web3 firms and projects over the next three years in order to profit on the sector’s rapid growth.
Foresight stated it will put aside between $100 and $200 million in venture capital for a variety of crypto assets, NFTs, blockchains, and metaverses in a statement to the press. Matrixport, a financial services platform, and Everyrealm, a metaverse developer, are among the firm’s investments, as are a number of other Web3-focused startups.
Venture capital continues to stream into the Web3 and metaverse sectors of the crypto industry, which has already attracted billions of dollars since its inception in 2020.
That’s despite the fact that frothy market circumstances have subsided following a hype cycle that saw an avalanche of investment in everything from NFT (non-fungible token) providers to virtual worlds looking to tap into new audiences via the new medium.
The Singapore and Shanghai-based company, which was founded in April 2021, wants to give additional support across its ecosystem for “up-and-coming” projects with “disruptive potential.”
Binance Labs, Polygon, Chainlink, Avalanche, crypto exchange OKEx, and NGC Ventures are among Foresight’s ecosystem of partners that help the VC support its chosen projects.
Forest Bai, co-founder of Foresight, remarked, “We are at an exciting time in the advancement of Web3 and related technologies.” “In that domain, we’ll continue to search for out-of-the-box investment possibilities and support projects that we believe have the potential to be industry leaders.”
Bai, a former investment banker, went on to say that his firm will focus more on “contrarian investment options” and that it had put $10 million in the crypto main market via a simple arrangement for future tokens. “At the same time, we put over $100 million into the crypto secondary market,” Bai explained.
In an interview, Bai claimed that Foresight wants to invest with an 80/20 split of crypto-assets to equity and will focus on layer-1 and layer-2 solutions in addition to Web3, when asked about the company’s future investment outlook.
Tony Cheng, a TMT investor who formerly worked at Sequoia Capital and 3G Capital, said Foresight allowed him to go deeper into the “Web3 rabbit hole.”
“Crypto infrastructure, scaling solutions, and applications that connect CeFi and DeFi are of special interest to me,” Cheng stated.
Foresight manages $150 million in assets and mostly invests in the primary and secondary markets using both equity and digital tokens, according to the company. Its ecosystem also includes Bitget, a cryptocurrency exchange, and BitKeep, a top-three wallet in the region with over 4 million members, including 200,000 daily active users.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.