Foresight Ventures pledges additional $10M for Web3 accelerator

On May 24, Singaporean venture capital firm Foresight Ventures announced that it would pledge an additional $10 million to its Foresight X Accelerator, bringing its total to $20 million. The move comes as the firm opens the second phase of accelerator applications, which will focus on Web3 projects building in the artificial intelligence (AI), zero-knowledge (ZK), machine learning, Bitcoin (BTC), liquid staking derivatives, and nonfungible token ecosystems.

Previously, Foresight earmarked $10 million for its accelerator, which launched last November. In its first phase, Foresight focused on 30 companies from its Web3 project pool, providing an investment of $50,000 to $200,000. As the accelerator moves into its second phase, Foresight will allocate $200,000 to each selected project and assign up to three mentors and one fund partner from the VC firm to provide practical guidance. A Demo Day will also be held upon the conclusion of the program.

Founded in 2020, Foresight has combined assets under management (AUM) of over $400 million in its VC portfolio. Its AUM increased significantly compared to $80 million in 2021 after acquiring Singapore-based cryptocurrency exchange Bitget and signing a limited partnership with multi-chain wallet provider BitKeep.

In June 2022, the company launched a $200 million capital pool to invest in the private rounds of crypto projects looking to access liquidity during volatile market conditions. Last month, the firm was one of several VCs to partner with cryptocurrency exchange Bitget for the launch of a $100 million Web3 fund focused on blockchain projects worldwide. 

Magazine: The risks and benefits of VCs for crypto communities

All Dutch and English crypto news!

US lawmakers aim for crypto regulatory clarity with proposed bill putting the screws to SEC

Lawmakers with the United States House Financial Services Committee and House Agriculture Committee have released a draft discussion offering certain crypto assets a pathway to...

Arbitrum price soars after DeFi whale address resumes ARB accumulation

On June 2, the price of Arbitrum jumped alongside the top-ranking cryptocurrencies after the United States Senate voted to raise the debt limit. Why is the ARB...

Losses from crypto rug pulls outpaced DeFi exploits in May: Finance Redefined

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights - a newsletter crafted to bring you the most significant developments from...

Privacy-focused Aleo blockchain gets new wallet as mainnet launch approaches

Demox Labs has debuted a new wallet for the privacy-oriented Aleo blockchain network, according to a June 1 announcement. Called "Leo," the wallet allows users...

Beste exchanges

Koop je crypto bij Bitvavo