Singapore-based blockchain investment firm NGC Ventures, in partnership with Solana Foundation (a web-scale blockchain), has announced the launch of a US$20 million strategic investment fund.
The fund aims to accelerate the growth and development of key blockchain projects in the Solana ecosystem.
This is one of the five strategic investment funds that will bring US$100 million of new capital to the Solana ecosystem.
NGC Ventures is joined by exchanges Huobi and Gate.io; HashKey digital asset management group; and MATH, a multi-platform cross-chain wallet.
Composed of a growing community of projects building on Solana, the Solana ecosystem has raised over US$125 million since January 2021. This injection of funds into the Solana ecosystem will coincide with the Asia leg of Solana’s Global Hackathon.
Roger Lim, Founding Partner of NGC Ventures, said, “We continue to seek innovative projects that leverage blockchain to disrupt their target markets and this partnership will further unlock the potential of the technology. Together, we look forward to investing in projects with practical use cases that solve not only the problems of tomorrow but those that are holding us back today.”
As of May 7, the fund has made its first strategic investment into Dexlab, a decentralised exchange where the best Solana projects mint and list their tokens.
In addition to the funding, NGC Ventures offers mentorship on business development, hiring, as well as prudent treasury and financial management.
Tony Gu, Founding Partner of NGC Ventures, added, “NGC Ventures is committed to supporting the industry’s disruptors of which Solana is a driving force with their unique approach to solving blockchain’s scalability problem. Through our partnership, we aim to enable those building within the Solana ecosystem to follow a similar path, innovating and improving the industry.”
An active institutional investor of cryptocurrencies, NGC Ventures leverages its experience of investing in over 100 successful projects including Solana, Algorand, Elrond, Polkadot, and Avalanche. Both Fund I and II have invested in over 100 projects, mostly in blockchain infrastructure and adoption technologies in areas such as DeFi, gaming, and decentralised computing.
The VC firm has also incubated NGC StakeX, which is a node-operating division.
NGC has offices in Shanghai, and San Francisco.
Founded by former Qualcomm, Intel, and Dropbox engineers in late-2017, Solana is the first web-scale blockchain capable of supporting the future growth of decentralised apps, exchanges, platforms, and more.
Solana claims it is able to achieve breakneck speeds for processing transactions at average costs less than $0.0001.
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