By
Tolu Ajiboye
March 13th, 2024
Valkyrie is looking to bridge the gap between an average user and the Web3.0.
Financial services firm Valkyrie is planning to raise an undisclosed amount of venture capital (VC) funds. According to a recent TheBlock report, the firm will use the fund to support startup “web 2.5” firms.
Valkyrie Helping Users to Move Easily to Web3.0
This is the first time Valkyrie will be delving into venture capital (VC). And to ensure a smooth running of operations, the firm has hired Lluis Pedragosa – formerly with VC firm Team8, to head its VC arm. Pedragosa comes bearing vast experience in funding, especially as it pertains to fintech, artificial intelligence (AI), and enterprise technology.
While the firm will be focused on startups within the US and Israel region, what it aims to achieve might not be very popular. According to TheBlock, Valkyrie is looking to bridge the gap between an average user and the Web3.0. Interestingly, however, the firm has now dubbed that space “Web 2.5.” That is, the sector that connects Web2.0 user experience to the reality of Web3.0. Pedragosa says:
“I’m looking for companies that provide a web 2.0 user experience with an underlying crypto native infrastructure of web 3 so people can use the assets without even knowing they’re using blockchain.”
Meanwhile, Valkyrie will not be focusing on firms in the Web2.5 space alone. It will also use parts of the fund to support startups who are into blockchain development, especially those about secure blockchain infrastructure. And to this end, Pedragosa confirms the fund will invest around $30 million and $50 million.
Crypto Winter Has Its Advantages, Says Pedragosa
Valkyrie’s announcement comes at a time when the industry is experiencing one of its worst downturns in history. The downturn is so massive that a good number of top firms have either had to cut down their staff, declare bankruptcy, or totally shut down. But from all indications, the firm sees this time as the right time to build.
Pedragosa insists downturns like this are necessary to cleanse the market. He also added that winters help rid the industry of those who are in because of wrong motives.