Injective

Bitcoin

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  The venture firm has introduced its crypto fund for Web3 infrastructure and applications, promising a collaborative approach with startup founders. 
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 <p>Venture capital firm Vessel Capital has announced a $55 million fund to <a rel="noopener noreferrer nofollow" title="invest" href="https://thebittimes.com/tag/invest.html">invest</a> in Web3 <a rel="noopener noreferrer nofollow" title="infrastructure" href="https://thebittimes.com/tag/infrastructure.html">infrastructure</a> and applications, TechCrunch reported. According to the founders, their goal is not to scale, but rather to assist crypto founders working on early-stage startups to launch and grow their projects.</p> 
 <p>“Crypto has become more global, so it’s not the same circle and group you might have seen in 2018-2020, and we want to be able to help more people,” Mirza Uddin, one of the co-founders, said. Aside from Vessel, Uddin is also head of business development at Injective Labs. </p> 
 <p>Other co-founders include Eric Chen, CEO of the Injective protocol, and Anthony Anzalone, co-founder of Burnt (formerly Burnt Finance), a Web3 firm building XION, a layer-1 blockchain for consumer adoption.</p> 
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  <p lang="en" dir="ltr">1/ I'm excited to announce the public launch of @VesselVC, the operator led Web3 fund for early stage startups.<br><br>Together with @ericinjective and Anthony, our goal was to build a new venture model that actually aligns us with the success of our founders.https://t.co/3g8RnFgyTD</p>— Mirza (@TheMirza_) August 24, 2023 
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 <p>The fund's resources will be deployed over a five-year period. Their experience as founders of startups puts Vessel in a better position to understand entrepreneurs' needs, believes Uddin. “Oftentimes, [VCs] don’t have expertise in the things they’re <a rel="noopener noreferrer nofollow" title="invest" href="https://thebittimes.com/tag/invest.html">invest</a>ing in,” he noted, adding that “the world has enough VCs, but what’s actually missing is actual guidance and advice." He continued: </p> 
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   “Most times you’ll get a nice check, a pretty logo on your website, but other than that VCs don’t help much aside from intros from time to time.“ 
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 <p>Vessel's debut comes amid a downturn in crypto venture capital. According to data from the Cointelegraph Research Venture Capital Database, June saw a 29.73% decline in investment deals, with just $779.32 million raised from 62 transactions. The VC giant Sequoia Capital recently downsized its cryptocurrency fund from $585 million to $200 million, citing a liquidity crunch and a shift to smaller crypto firms.</p> 
 <p>Web3 <a rel="noopener noreferrer nofollow" title="infrastructure" href="https://thebittimes.com/tag/infrastructure.html">infrastructure</a>, however, remains a popular <a rel="noopener noreferrer nofollow" title="invest" href="https://thebittimes.com/tag/invest.html">invest</a>ment target. Earlier this week, Binance's venture capital arm, Binance Labs, announced a strategic <a rel="noopener noreferrer nofollow" title="invest" href="https://thebittimes.com/tag/invest.html">invest</a>ment into Delphinus Lab’s zero-knowledge WebAssembly (zk-WASM) virtual machine, which supports zero-knowledge proof computation. </p> 
 <p>“Web3 <a rel="noopener noreferrer nofollow" title="infrastructure" href="https://thebittimes.com/tag/infrastructure.html">infrastructure</a> and applications will fundamentally redefine the very fabric of a new Internet economy, leading to a far more innovative, decentralized and capital efficient society,"&nbsp;wrote Uddin on LinkedIn.</p> 
 <p><strong><em>Magazine:</em></strong><strong><em>&nbsp;Recursive inscriptions — Bitcoin ‘supercomputer’ and BTC DeFi coming soon</em></strong></p> 
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Vessel Capital secures $55M to invest in Web3 infrastructure: Report

TheBitTimes

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