A VC company founded by former Binance employees, Old Fashion Research, has announced the launch of a new crypto fund in the midst of the current downturn the market is facing. The fund, which will have $100 million at its disposal, will focus resources on metaverse investments and in carrying crypto projects to emerging markets in areas such as Latam.
Old Fashion Research Launches $100 Million Fund
Some companies are still putting funds into cryptocurrency projects, and are optimistic about the future of the industry even with the recent slump that some economies — traditional and crypto — are currently facing. Old Fashion Research (OFR), a venture company that was launched in 2021 by former employees of Binance, is one of them.
The company, whose name is derived from the well-known cocktail, has announced the launch of a new crypto-based fund to focus on the metaverse, and in bringing cryptocurrency adoption to emerging markets, like Latam.
Ling Zhang, one of the managing partners of OFR, told Techcrunch:
We are keen to work with builders for the long run. We are very Southern Hemisphere-focused. … We’ll go after all of the emerging markets, but it’s our goal and vision to accelerate adoption there.
Operations During Current Market Conditions
The fund has up until now been working with a low profile, and is the biggest fund the company has launched so far. However, Old Fashion Research lists several companies on its portfolio investments page, including blockchain analytics platform, cryptocurrency exchanges Woo and MEXC Global, and blockchain Layer 2 groups like Network.
Resources for the fund were collected from limited partners, traditional VC funds, family offices, and angel investors. According to Zhang, the crypto space is experiencing a boom as more and more companies are interested in the evolution of the space. She stated:
More and more VCs are looking for ways to invest in crypto projects. Crypto itself is a revolution and disruption of the capital plate. It’s no longer centralized in a top-down approach.
Old Fashion Research also has its own take on the difficult times the crypto industry is facing at the moment. According to Jiang Xin, another partner of the firm, the current situation is beneficial for VCs wanting to get in the space, because projects offer cheaper and more reasonable valuations. For the company, this is the best time to make investments and incubate more projects.
What do you think about OFR’s new $100 million metaverse and crypto fund? Tell us in the comments section below.