Pantera Capital raises $71M for crypto venture fund
Blockchain investment company Pantera Capital has launched its third crypto fund with over $71 million already committed. An SEC filing indicates the new investment scheme, called Venture Fund III, started its first offering on July 31st and has raised $71.44 million from 90 investors.
Pantera also wrote in a blog post on Wednesday that Venture Fund III has already made its first blockchain bet, investing in Bakkt – a cryptocurrency trading platform launched early this month by ICE, parent company of the New York Stock Exchange. Pantera investment firm recorded a 10,000 percent return over the last five years from its stakes in various cryptocurrency projects. Pantera has invested in crypto exchanges such as Bitstamp, Korbit and Shapeshift, as well as payments startups like Circle.
South Korea budgets $880M for tech including blockchain
Kim Dong-yeon, South Korea’s finance minister, announced that the government has set aside $4.4 billion over the upcoming years for an investment program which focuses on blockchain and nine other burgeoning tech sectors. Specifically, the South Korea government will invest over $880 million next year in order to boost the development of innovative technologies including blockchain.
Data disclosed on the website of the Ministry of Economy and Finance shows that the government is set to allocate 1 trillion won, or about $880 plhom hauv 2019 – an 80 percent growth compared to that in 2018 – to invest in technologies including blockchain, big data and AI. Further, the authority said it will invest a total of $8 – 9 billion in the area in the coming five years. The goal is to “focus on promoting big data and AI, developing blockchain technology to ensure data management security and boosting the sharing economy.”
Cryptocurrency exchange ZB plans move to Malta
ZB.com, the world’s fith-largest cryptocurrency exchange by daily trading volume, is setting up shop on the sunny Blockchain Island of Malta. ZB.com will be formally setting up its European operations with the launch of a new exchange in Malta. This latest announcement follows those by Binance, OKEx and DQR, who have also opened offices on the island.
The company will initially start out as a crypto-to-crypto exchange and will eventually look to offer fiat-to-crypto trading pairs through its new platform based out of the European island nation. Co-founder Jimmy Zhao said “Malta is perhaps the world’s most progressive and forward-thinking nation in DLT, crypto and fintech, and we are very excited to be part of the Blockchain Island. We are confident we will be able to announce our live operations soon.”