A $60 Million Cryptocurrency Fund is Launched by Coinbase, Sino, and Libra

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Last Updated on September 19, 2023 by Bitfinsider

Sally Wang, a former employee of Sino Global Capital, a venture capital firm specialising in blockchain technology, Ethan Wang, a former tech lead at Facebook-backed digital currency project Libra, Shawn Shi, a co-founder of cryptocurrency payment gateway Alchemy Pay, and Michael Li, a former vice president at Coinbase, are reportedly on Oak Grove’s team.

“We understand that the journey of building groundbreaking technologies is not just about capital; it’s about fostering a community of visionaries, pioneers, and founders who share our passion for innovation. With this fund, our strategy is simple yet profound: to raise funds for the founders,” Wang added.

Oak Grove Ventures, formerly a family firm that looked after an affluent family’s interests, has a history of making noteworthy early-stage investments. It provided funding for more than 30 ventures, including those launched by Elon Musk himself, such as the aerospace manufacturer SpaceX and the neurotechnology startup Neuralink.

Despite recent turbulence in the digital asset market, venture capital is still pouring into blockchain and cryptocurrency firms, as seen by the establishment of the new $60 million fund.

Oak Grove seeks to find attractive prospects at the nexus of Web3, AI, and biotech by utilising knowledge from the bitcoin ecosystem.

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