Crypto security platform Ledger has partnered with venture capital firm Cathay Innovation to launch a $110 million early-stage fund that will focus on Web3, DeFi, NFTs and DAOs.
The fund, called Ledger Cathay Capital, is backed by French public investment bank Bpifrance. The combined entity seeks to unlock resources, networks and potential partners to accelerate Web3 innovation while maintaining security standards.
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The fund, which will be led by Cathay Innovation co-founder Denis Barrier and Ledger’s Pascal Gauthier and Michael Louzado, plans to invest in seed rounds as well as Series A rounds of 20 to 25 investments ranging from $550,000 to $4.3 million. The fund has not made any investments to date.
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