Cypher Capital, a venture capital (VC) firm based in the United Arab Emirates (UAE), has announced the launch of a $100 million seed fund which will be used primarily to fund decentralized finance (defi) projects , gamefi and metaverse.
A United Arab Emirates (UAE)-based venture capital firm, Cypher Capital, recently announced the launch of a $100 million seed fund whose goal is to fund blockchain and crypto projects with real value propositions.
As explained in a report published by Unlock Media, the venture capital firm plans to get involved in mentoring entrepreneurs who run projects funded by Cypher Capital. Additionally, the company’s drive to equip entrepreneurs with the tools they need to succeed, says Bijan Alizadeh, founder and general partner of Cypher Capital, quoted in the report.
Alizadeh also revealed that her company plans to invest in blockchain and crypto projects that have received support from other venture capitalists. He said:
Our goal is to cooperate with and expand the ecosystem by working with visionary innovators, exceptional talent, and other venture capital partners to create a holistic blockchain community that, in turn, fosters[s] ecosystem growth.
Funding also open to “innovative blockchain projects”
Cypher Capital managing partner Vineet Budki is also quoted in the report stating that only projects in decentralized finance (defi), gamefi and the metaverse space are eligible to receive funding. However, Budki clarified that his company is “always on the lookout for innovative blockchain projects in general.”
Meanwhile, the same report states that Cypher Capital plans to complete the construction of its 10,000 square foot digital asset hub in Dubai in August 2022. Once completed, the hub will welcome crypto enthusiasts and entrepreneurs and will offer exclusive access to members.
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