Key Takeaways
- • Crypto platform Nexo has launched a $150 million in-house Web3 investment fund, Nexo Ventures, according to Blockworks.
- • The fund will deploy capital into blockchain-based gaming, decentralized finance (DeFi) and NFTs.
- • The venture arm previously invested in 1inch, BCB Group, BlockFills, Bware Labs, Interlay, Mizar, Qredo, Rain, Texture Capital, The TIE and Yield Protocol.
- • A source familiar with the matter said near-term deal flow will "easily double the number and size of its recent investments."
- • The fund follows Nexo's December rollout of an NFT-backed lending desk with Three Arrows Capital.
Summary
Crypto platform Nexo has launched a $150 million in-house Web3 investment fund, according to Blockworks. The capital will be deployed by Nexo Ventures, the company's venture capital investment arm, into sectors including blockchain-based gaming, decentralized finance (DeFi) and NFTs.
Nexo's head of communications, Troy Gravitt, told Blockworks that the initiative has evolved considerably. It began as a "side hustle" of the corporate finance team last summer and became a full-on strategic part of the business by January. Tatiana Metodieva, head of corporate finance and investments at the venture arm, said the fund will "drive the continued adoption of digital assets and the expansion of the Web3 ecosystem." Metodieva, a chartered financial analyst, said the firm differentiates itself from traditional funds by being native to the digital asset industry and prioritizing strategic investments that integrate with Nexo's product ecosystem and global market footprint.
Before the launch, the venture unit invested in 1inch, BCB Group, BlockFills, Bware Labs, Interlay, Mizar, Qredo, Rain, Texture Capital, The TIE and Yield Protocol. A source familiar with the matter said near-term deal flow will "easily double the number and size of its recent investments."
The fund complements Nexo's existing activity in NFT-based finance. In December, Nexo rolled out an NFT-backed lending desk with Singapore digital asset hedge fund Three Arrows Capital, allowing clients to use NFTs such as CryptoPunks and Bored Apes as loan collateral.
Nexo's head of communications, Troy Gravitt, told Blockworks that the initiative has evolved considerably. It began as a "side hustle" of the corporate finance team last summer and became a full-on strategic part of the business by January. Tatiana Metodieva, head of corporate finance and investments at the venture arm, said the fund will "drive the continued adoption of digital assets and the expansion of the Web3 ecosystem." Metodieva, a chartered financial analyst, said the firm differentiates itself from traditional funds by being native to the digital asset industry and prioritizing strategic investments that integrate with Nexo's product ecosystem and global market footprint.
Before the launch, the venture unit invested in 1inch, BCB Group, BlockFills, Bware Labs, Interlay, Mizar, Qredo, Rain, Texture Capital, The TIE and Yield Protocol. A source familiar with the matter said near-term deal flow will "easily double the number and size of its recent investments."
The fund complements Nexo's existing activity in NFT-based finance. In December, Nexo rolled out an NFT-backed lending desk with Singapore digital asset hedge fund Three Arrows Capital, allowing clients to use NFTs such as CryptoPunks and Bored Apes as loan collateral.
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