{"id":21518,"date":"2023-08-24T20:00:28","date_gmt":"2023-08-24T20:00:28","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/vessel-capital-secures-55m-to-invest-in-web3-infrastructure-report\/"},"modified":"2023-08-24T20:00:30","modified_gmt":"2023-08-24T20:00:30","slug":"vessel-capital-secures-55m-to-invest-in-web3-infrastructure-report","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/vessel-capital-secures-55m-to-invest-in-web3-infrastructure-report\/","title":{"rendered":"Vessel Capital secures $55M to invest in Web3 infrastructure: Report"},"content":{"rendered":"

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Venture capital firm Vessel Capital has announced a $55 million fund to invest in Web3 infrastructure 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>\n

\u201cCrypto has become more global, so it\u2019s not the same circle and group you might have seen in 2018-2020, and we want to be able to help more people,\u201d Mirza Uddin, one of the co-founders, said. Aside from Vessel, Uddin is also head of business development at Injective Labs. <\/p>\n

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>\n

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1\/ I’m excited to announce the public launch of @VesselVC<\/a>, the operator led Web3 fund for early stage startups.<\/p>\n

Together with @ericinjective<\/a> 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>\n

\u2014 Mirza (@TheMirza_) August 24, 2023<\/a><\/p><\/blockquote>\n

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. \u201cOftentimes, [VCs] don\u2019t have expertise in the things they\u2019re investing in,\u201d he noted, adding that \u201cthe world has enough VCs, but what\u2019s actually missing is actual guidance and advice.” He continued: <\/p>\n

\u201cMost times you\u2019ll get a nice check, a pretty logo on your website, but other than that VCs don\u2019t help much aside from intros from time to time.\u201c<\/p><\/blockquote>\n

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>\n

Web3 infrastructure, however, remains a popular investment target. Earlier this week, Binance’s venture capital arm, Binance Labs, announced a strategic investment into Delphinus Lab\u2019s zero-knowledge WebAssembly (zk-WASM) virtual machine, which supports zero-knowledge proof computation. <\/p>\n

\u201cWeb3 infrastructure and applications will fundamentally redefine the very fabric of a new Internet economy, leading to a far more innovative, decentralized and capital efficient society,”\u00a0wrote Uddin on LinkedIn.<\/p>\n

Magazine:<\/em><\/strong>\u00a0Recursive inscriptions \u2014 Bitcoin \u2018supercomputer\u2019 and BTC DeFi coming soon<\/em><\/strong><\/p>\n<\/div>\n