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OP Crypto launches $100M fund to again early-stage crypto VCs

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OP Crypto, a cryptocurrency enterprise capital agency based by former Huobi government David Gan, is launching a brand new fund to help rising fund managers centered on early-stage crypto investments.

Named “OP Funds of Funds I,” the fund has secured $50 million in commitments from main firms like FTX’s funding subsidiary LedgerPrime and FJ Labs.

The OP FoF I’ll goal a tough cap of $100 million, with founders planning to shut out the fund by the top of Q3, OP Crypto’s chief working officer Lucas He informed Cointelegraph.

The fund will work on figuring out and supporting crypto fund managers with distinctive vertical experience in areas like infrastructure, decentralized finance, nonfungible tokens, metaverse, gaming and others.

While the fund has a “differentiated focus” on the Asia-Pacific area, it should proceed to take a position on a worldwide scale and search to get publicity to fund managers in areas like Latin America, Africa, India, Southeast Asia and others, He famous.

Investors within the FoF will get entry to deal circulate from the entire managers throughout the automobile and have the chance to double down on particular initiatives through co-investment alternatives.

OP FoF I is the second fund to put money into rising crypto fund managers by OP Crypto. In June 2021, the agency launched its $50 million OP Ventures Fund I, concentrating on pre-seed and seed initiatives throughout the Web 3.0 house. The fund was backed by main firms and institutional buyers within the trade, together with Mike Novogratz’s Galaxy Digital, the enterprise capital agency Digital Currency Group, Bill Ackman and Alan Howard.

“OP stands for open, operational and opportunistic,” He mentioned, including that these are the “traits that the fund ascribes by.” The exec went on to say that regardless of the present market downturn there’s numerous buyers on the lookout for crypto publicity, stating:

“To our surprise, there is actually quite a lot of picked up demand due to people not knowing where exactly is best to park capital amidst the current bear market.”

Also appearing as OP Crypto’s head of analysis, He will function the final accomplice on the OP FoF I. He is a veteran within the crypto house since 2013 and beforehand held funding and FoF roles at Huobi Capital and State Street. OP Crypto founder Gan will take the function of president and advisor to the fund.

Related: How crypto is attracting some institutional buyers — Huobi Global gross sales head

Gan and He led the FoF technique at Huobi and deployed capital on Huobi’s behalf and have been seed buyers in Multicoin Capital, Dragonfly Capital, and 1kx. “All of these investments were done early 2018 when those funds all had sub $50 million in assets under management,” He said, including that these funds ultimately hit a milestone above $1 billion AUM three years later.