CoinFund Raises $158 Million to Fuel Early-Stage Crypto Startups

Lena Smith
Lena Smith Crypto
3 Min Read

Amid a prolonged decline in investment within the crypto startup sector CoinFund has managed to safeguard an impressive amount of $158 million in funding. The New York-based company is aiming to use this huge capital to support early-stage crypto startups. The CEO Jake Brukhman revealed that the new fund far exceeded their initial target of $125 million . The unexpected attention the firm had gotten led to a flood of capital beyond expectations. Brukhman further shared that despite the recent challenging times in the crypto industry CoinFund has successfully raised a total of $550 million over the past year and a half.

Prior Investments and Future Endeavors of CoinFund

CoinFund has a track record of backing notable startups. The most prominent ones being Dapper Labs and Blockdaemon. The former is creator of the NBA Top Shot NFT collection and the latter is known to be a provider of blockchain infrastructure . The firm has also invested in Giza which is a project aiming to integrate artificial intelligence with smart contracts and Superstate which aims to merge decentralized finance with mutual funds.

The recently obtained cash will be used to promote entrepreneurs in the cryptocurrency and artificial intelligence industries. According to Chief Investment Officer of CoinFund Alex Felix tokens are used in almost 90% of the company’s trading activity . Felix made it clear that CoinFund still believes that the sector has the ability to converge with conventional finance under regulated frameworks.

While investment in crypto startups has seen a downward trend in recent quarters CoinFund’s successful fundraising shows us that there is still confidence and support for promising ventures in the blockchain space. Despite the setbacks caused by some events like the collapse of TerraUSD and the bankruptcy of notable players in the industry CoinFund’s ability to attract significant investment shows the resilience and long-term outlook of the firm .

As CoinFund utilizes its substantial capital to support early-stage crypto startups it signals a continued commitment to raising innovation within the industry . The convergence of crypto and traditional finance along with the integration of artificial intelligence presents a compelling vision for the future. 

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I’m a freelance writer and journalist from Toronto, covering real estate, mortgage and personal finance for publications like Forbes, Money, Business Insider, Fortune, US News & World Report, The Motley Fool, CBS News, Hearst newspapers, The Balance, HousingWire, Money Under 30, Bankrate, Builder Magazine, Multifamily Executive, The Simple Dollar, and more.
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