VanEck Launches $30M Crypto Fund Targeting Tokenization and Stablecoins

VanEck, the New York-based asset manager with over $115 billion in assets under management has launched a new venture arm dedicated to crypto projects.

VanEck Launches Crypto Venture Arm, Aiming for $30M Fund

Renowned asset manager VanEck, boasting over $115 billion in assets under management, has unveiled its latest venture, establishing a dedicated crypto venture arm. The company announced its first crypto fund on Wednesday, aiming to raise $30 million.

This fund will be earmarked for startups at the nexus of fintech, crypto, and artificial intelligence. Notably, VanEck has brought on two former Circle Ventures leaders, Wyatt Lonergan and Juan Lopez, to spearhead this new venture arm. They will also join the asset manager as general partners.

This marks VanEck’s second fund launch in 2023, following the announcement of its Web3 Founders Fund in January, targeting $100 million for early-stage Web3 startups.

VanEck’s foray into crypto began even earlier, with the company filing for a Bitcoin-linked ETF in 2017. It was also among the first to file for a Spot Bitcoin ETF in 2018 and led the line in filing for a Spot ether ETF in 2021.

VanEck’s crypto plans were further evidenced by its Web3 community initiative, launching a 1,000-piece NFT collection called "The Builders" in 2022. The company also expanded its liquid alternative assets investing last year, adding crypto hedge funds to its lineup.

Now, kicking off its venture into venture, VanEck will be the lead investor in its first fund, prioritizing early-stage startups focused on tokenization and stablecoins.

Lopez expressed particular excitement about the opportunities presented by stablecoins, especially in the realm of cross-border payments. He highlighted the potential for stablecoins to disrupt traditional payment rails, paving the way for an “explosion” in fintech built on stablecoins, which he likened to “the open-source banking-as-a-service layer.”

Given the vast business-to-business cross-border payments market, valued at about $39 trillion, Lopez pointed out that on-chain payments systems, such as those on platforms like Solana, could help address the inefficiencies and high costs associated with traditional payment rails.

The new fund plans to make 25-30 investments with checks ranging from $500,000 to $1 million, Lonergan told The Block. The fund is open to both equity and token projects and has already made four unreported investments.

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