Crypto wallet manufacturer Ledger and venture capital firm Cathay Innovation have jointly launched a €100 million fund to invest in Web 3.0 startups.
Denis Barrier, co-founder of Cathay Innovation, has said that the structure was supported by French state-owned investment bank Bpifrance and several other companies.
Ledger Cathay Capital is investing in early stage DeFi, security, infrastructure and digital property technology startups. The fund has just been created and has not had time to make any investments.
Regarding the market conditions in which Ledger Cathay Capital is starting to operate, Denis Barrier has noted that the company sees Web 3.0 as an emerging area and “an investment opportunity for decades.”
He has said:
“We have no plans to slow down or reduce our investment activity. We believe that the current conditions are a real opportunity for us to create a fund and actively invest in cryptocurrency startups.”