The people behind the popular crypto podcast Bankless have announced the formation of a venture capital fund with a target size of $35 million to invest in seed-stage Web3 firms.
Ben Lakoff, another general partner, claims that the hosts of the program, David Hoffman and Ryan Sean Adams, will be general partners in the fund. [Citation needed] According to Lakoff, the three individuals constitute the investment committee for the fund.
While it is planned for the Bankless podcast to be a distinct legal company from the fund, it is anticipated that the two will share a brand and that the podcast will benefit from being hosted on one of the most well-known content platforms in the cryptocurrency media. According to one insider within the venture capital industry, the collaboration between the platform and the investment arm would result in “fantastic deal flow” for the new VC.
In the year 2020, Adams and Hoffman established Bankless. Since that time, it has created a formidable presence across several platforms by means of its hallmark podcast, newsletters, YouTube channel, and decentralized autonomous organization (DAO), which includes a $BANK governance token.
According to a prototype of the website, the fund will focus on early-stage cryptocurrency startups and “empowering pioneers to explore the frontier of Web3.” This year marks the continuation of the brand’s foray into the world of cryptocurrency investment, which began the previous year with Bankless’ launch into the venture capital industry.
Bankless said in November of the previous year that it had bought the Earnifi software project from DeFi and placed it under the purview of a brand-new subsidiary known as Bankless Labs.
In a post he made on his blog, Adams said that “bankless is expanding beyond the media.” We are actively working on building solutions to make your experience via DeFi easier.
Compiled by Coinbold
