Variant Raises $450 Million For New Venture Funds

Venture capital firm Variant has raised $450 million to create two new funds targeting the cryptocurrency market and Web3 technologies, as well as decentralized finance (DeFi). Representatives of the organization said that they received $300 million for an opportunity fund and $150 million to invest in crypto startups at a very early stage.

According to partners Lee Jin, Jesse Walden, and Spencer Noon, Variant’s portfolio already include a wide range of companies in the crypto space, including non-fungible token (NFT) platforms. Among them is Magic Eden, based on Solana, decentralized lending platform Goldfinch, and Uniswap exchange.

The new funds will explore four investment opportunity segments: decentralized finance, blockchain infrastructure, Web3 consumer applications, and projects that create new forms of digital property.

According to the entrepreneurs, NFTs provide a unique user experience that satisfies different needs and allows you to earn, regardless of the control of third parties. Digital ownership has become a design space for new product features and capabilities. This is what the company will be guided by.

Variant is optimistic about the long-term future of web3. The technology behind the nascent industry will only get better, Walden said. Now it is rapidly growing and gaining immense popularity, and then it will be even better.

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