Nexo Launched $150 Million Fund To Invest In Web3: Report

Nexo Launched $150 million fund to invest in Web3 and it is the biggest company to launch such a VC branch as we can see more in today’s latest cryptocurrency news.

The interest in web3 continues to increase with more companies racing to invest in the new best thing. Nexo is a well-known crypto participant and it is the latest to jump on the bandwagon. Nexo is also regulated among other digital service providers and it revealed that they will be launching a fund that will invest in Web3 projects. The initiative is called Nexo ventures and launched with an initial goal of $150 million.

Nexo launched the new fund to invest in key areas like Web3, Defi, NFT, GameFi, payments, trading, and the metaverse. The new venture is led by Tatiana Metodieva who is the head of corporate and finance investments. She said:

“At Nexo, we believe that blockchain technology will transform the way we connect and use financial services. […] Our mission is to elevate entrepreneurs who help push the crypto revolution forward. Nexo Ventures aims to drive the continued adoption of digital assets and the expansion of the Web3 ecosystem.”

This is the latest in a string of venture funds that are primed to invest in the Web3 ecosystem. For example, Bain capital also launched a fund worth $560 million.

As recently reported, Debit cards are becoming popular among crypto users. Coinbase and Crypto.com cards are already on the market but now Nexo and FTX will launch their own as well. FTX users allow users to sign up for the card by joining the waiting list. The FTX card will be available to US citizens with a valid social security number only and this announcement doesn’t disclose when the cards will get shipped to the FTX customers. According to the FTX website, the Visa card will allow the users to use their crypto held in their FTX accounts to be automatically exchanged to the exact amount at the point of sale and will allow users to keep crypto as crypto. FTX will protect the users’ funds and the Visa card will come at no cost so the FTX exchange won’t charge any administrative or processing fees.