Summary of News in Investor News
Venture capital investment firm Electric Capital has closed its second fund, lining up more than $100 million from a group of institutional investors to pour money into the next wave of crypto entrepreneurs, the firm announced Monday. The Palo Alto-based company boasts a wide-ranging portfolio of crypto investments, including non-custodial exchange dYdX, protocols like Maker, and asset manager Bitwise.
The Brooklyn Nets' Spencer Dinwiddie and Garrett Temple, the Miami Heat's Andre Iguodala, Los Angeles Lakers' JaVale McGee, and Aaron Gordon from the Orlando Magic are among those providing a new round of funding to the startup, best known for its Ethereum-based game CryptoKitties.
According to a press release issued Monday, the round was led by FBG Capital and NGC Ventures, both Asia-based venture firms. Hedget is a new Ethereum layer two solution for decentralized options trading, allowing users to buy and sell derivatives using collateral to hedge risk when holding crypto. Chromia also invested in the seed round.
ParaFi Invests and Begins Staking in Bitfinex Spin-Out Exchange DeFi-focused fund ParaFi Capital has invested $450,000 in USDT, along with D1 Ventures, and will start staking on Ethereum-based exchange DeversiFi. San Francisco-based ParaFi's portfolio includes other DeFi projects such as Aave, Curve, MakerDAO and Kyber Network, into which ParaFi invested in June. D1 Ventures' previous investments include The Graph, Thorchain, Tellor and Nest Protocol.