The American bitcoin exchange Flyxbit has launched a venture fund to invest in early-stage startups in the field of cryptocurrencies, decentralized finance, blockchain and fintech.
Brandon Guth, General Partner at Flyxbit Ventures, said in a comment to The Block that the fund will focus its investments in North America and Europe.
According to him, one startup will receive an average of $250,000 to $3 million, although the amount can be either more or less. Flyxbit Ventures plans to announce its capital within a few months.
Together with Gat, the fund will be headed by senior managers of the exchange Kirill Gurov and Akshi Federici, and a fourth partner may join them in the first half of 2021.
Recall that the venture division of the competitive exchange Coinbase has been actively investing in recent years. Among the latest investments of Coinbase Ventures are: The Terra stablecoin ecosystem, the Vauld credit platform, and the Titan mining software developer.