IDEO, an American design and innovation consulting firm, has stepped in to create a new cryptocurrency fund through its blockchain-focused subsidiary.
IDEO CoLab Ventures, an early investment fund focused on blockchain development, submitted an application Tuesday to create a new crypto fund with the US Securities and Exchange Commission (SEC).
The new fund, called IDEO CoLab Crypto Fund II LP, offers a total of $ 100 million. Joe Gerber, CEO of IDEO CoLab, submitted the request.
The submission to the SEC comes on the heels of IDEO CoLab announcing a $ 21 million crypto fund in the first phase of October 2020. The new fund supports the CEOs of major cryptocurrency operators such as Coinbase, as well as companies like Twitter, Fortress and IDEO themselves. Other sponsors include large investors such as Avanta Ventures, GS Group, Hanwha Asset Management, Fineqia, among others.
As previously announced, IDEO CoLab has helped create more than 30 cryptocurrencies since its first investment in 2018. Some of the industry investments in IDEO reportedly include the digital asset trading platform FalconX and Handshake, a decentralized center for naming and certification.
Taehong Huh, managing partner of GS Futures GS Group, said IDEO Colab is ideal for leading a movement that fosters industrial cooperation between investors, entrepreneurs, designers, decision-makers and companies.
“We believe the disruptive nature of blockchain technology continues to be underestimated by the public, including companies like us, as it has not yet been included in highly desirable products or experiences,” he said.