Nexo Launches $150 Million Fund To Invest In Web3

Cryptocurrency lender Nexo has announced the launch of its venture arm to invest $150 million in Web3 development.

"Nexo Ventures is committed to accelerating the development and adoption of blockchain technology and will invest $150 million in long-term commitments in a wide range of early-stage retail and institutional projects synergetic to Nexo’s core businesses," the company said in a statement released Wednesday.

Nexo Ventures will focus on Web 3, decentralized finance (DeFi) innovation, non-fungible tokens (NFT), metaverse and GameFi as well as payments and trading infrastructure and compliance services, according to the statement.

The venture arm will be led by Tatiana Metodieva, Nexo’s head of corporate and finance investments.

“At Nexo, we believe that blockchain technology will transform the way we connect and use financial services,” said Metodieva.

“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 addition to the list of venture funds primed to invest in the growth of the Web3 ecosystem. A couple of weeks ago, Investment firm Bain Capital announced a $560 million fund focused exclusively on the crypto ecosystem.