In late December Waves, a global public blockchain platform with Russian roots, announced the creation of Basics, a fund which aims to invest essentially in blockchain infrastructure.
Defining itself as “a new blockchain venture product,” Basics aims to “combine the best of venture funds and hedge funds.” With an initial portfolio of existing traded crypto assets, the fund will further invest in blockchain startups – including projects on ICO pre-sale – arbitrage, and event-driven trading.
Under plans, Basics will raise an initial $10 million in January and as much as $30 million by April 2018.
“The emphasis on blockchain solutions means there are key differences with a classic VC fund,” the Waves press service explains. “Token transactions are fast and low-cost, compared to those in VC funds, which can take months to complete and be subject to high fees. Additionally, exits in blockchain projects may be secured after as little as two months, with tokens benefiting from high liquidity — in stark contrast to the illiquidity of most VC funds.”
Basics is headed up by asset manager Maxim Kuzin with Waves founder and CEO Alexander Ivanov serving as an advisor. The fund has been registered in the Cayman Islands.
“Blockchain to empower the masses”
Almost simultaneously, Runa Capital, a classic VC fund with Russian origins, invested an undisclosed amount in a new, blockchain fund dubbed 1confirmation. Other LPs include Horsley Bridge, Thiel Capital, Marc Andreessen, Chris Dixon, and Mark Cuban among others.
Claiming that “open blockchains are empowering the masses,” this seed fund will “support entrepreneurs who are fueling the decentralization of the web and society.”
Among its first portfolio companies are Maker, dYdX and Basecoin, reported Firrma.ru.
