Staking company Chorus One has launched a venture fund focused on investing in other crypto projects.
Chorus One runs across 28 blockchain networks and protocols and, at the height of the market late last year, wasin assets. At the time, the firm was estimating $30 million in yearly revenue. Since then, prices for proof-of-stake tokens have gone down — decreasing its AUM and revenue — but the business has still made bank.
“With the launch of Chorus Ventures, founders now have an alternative way to raise capital, through a company that has a vested interest in the longevity of decentralized networks,” Meegan told the Block. The fund will focus on key three areas across these blockchains. First is staking, such as liquid staking protocols — like Quicksilver — and protocols that look to support staking in various ways, for example by providing easier access to crypto governance processes.