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Galaxy

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Spectra

Vessel Capital, a venture capital firm, has announced the creation of its $55 million crypto fund.&nbsp; 
The firm will use its new fund to invest in different crypto projects and web3 infrastructure, according to <a href="https://techcrunch.com/2023/08/24/vessel-capital-emerges-from-stealth-with-55m-fund-focused-on-web3-infrastructure-and-apps/" data-type="link" data-id="https://techcrunch.com/2023/08/24/vessel-capital-emerges-from-stealth-with-55m-fund-focused-on-web3-infrastructure-and-apps/" target="_blank" rel="noopener noreferrer nofollow">TechCrunch</a>. The main aim of the fund is to help crypto projects grow and to support crypto founders at an early stage. 
Vessel Capital was founded by Mirza Uddin, Eric Chen, and Anthony Anzalone. The firm has been investing nearly $10 million annually. 
 You might also like: <a href="https://crypto.news/growth-focused-investors-considering-vc-spectra-over-lido-dao-and-aptos/" rel="noopener noreferrer nofollow"> Growth-focused investors considering VC Spectra over Lido DAO and Aptos </a> 
The company will allocate the investments over five years. Uddin will be looking to work with founders from the beginning on the ideas behind the projects. 
The founder explained that it’s essential to create a strong relationship with the founders in the early stages, and a VC that has crypto-related knowledge will help them be on their way to success. 
Uddin added that those <a href="https://crypto.news/vc-investors-broaden-blockchain-investment-scope/" data-type="link" data-id="https://crypto.news/vc-investors-broaden-blockchain-investment-scope/" rel="noopener noreferrer nofollow">VCs</a> who don’t understand how the crypto industry works are not in an excellent position to help crypto start-ups expand. 
According to a <a href="https://nftnow.com/news/venture-capital-may-be-hard-to-come-by-in-2023-says-report/#:~:text=July%2017%2C%202023,recent%20report%20by%20Galaxy%20Research." target="_blank" rel="noopener noreferrer nofollow">report</a> done by Galaxy Research, <a href="https://crypto.news/ripple-announces-25-million-investment-in-vc-fund-blockchain-capital/" data-type="link" data-id="https://crypto.news/ripple-announces-25-million-investment-in-vc-fund-blockchain-capital/" rel="noopener noreferrer nofollow">VC</a> funding in the crypto ecosystem has dropped compared to 2022. During the second quarter of 2023, the crypto ecosystem received 2.3 billion from VC; last year, during the same period, the crypto funding was nearly 8 million. 
 You might also like: <a href="https://crypto.news/european-vc-crypto-investments-at-record-5-7b-in-2022-defi-sees-120-increase/" rel="noopener noreferrer nofollow"> European VC crypto investments at record $5.7b in 2022, DeFi sees 120% increase </a>

Vessel Capital to create $55 million crypto fund

crypto.news

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