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Foresight Ventures Launches $10M Web3 Startup Fund, in Spite of Market Turmoil

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Foresight Ventures, a crypto fund with $400 million in assets under management, is launching an incubator program called Foresight X which will allocate $10 million to three different types of Web3 projects. CoinDesk reports:

. In 2021, almost $9.3 billion was invested in the final quarter of the year.

Despite the latest tsunami of sobering crypto news and trends, Foresight Ventures considers the period an opportunity to build. “We understand very well that bear markets are periods of massive innovation and growth,” co-founder Forest Bai said in the press release. The program will prioritize projects at every stage of development, “to accelerate” the crypto industry’s evolution.

Established in 2020, Foresight Ventures has invested in Web3, non-fungible token, gaming and decentralized finance projects. Last year, AUM increased to $400 million from $80 million following FV's acquisitions of BitKeep, a multi-chain digital wallet in Asia, and Singapore-based exchange and trading platform, BitGet.during CoinDesk’s Consensus 2022 in Austin, Texas. The firm is also a sponsor of the Bitcoin Miami conference.

 

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