Old Fashion Research (OFR), a body of former Binance executives, has launched a $100 million investment fund to assist expand cryptocurrency startups in Africa and Latin America.
OFR was created by Ling Zhang, Binance’s former Vice-president of M&A and Investments, Wayne Fu, former Head of Corporate Development at Binance
The fund will concentrate on the metaverse and increasing cryptocurrency adoption in emerging countries such as Latin America and Africa.
Limited partners, traditional VC firms, family offices, and angel investors from both in and out of crypto industry contributed to the funding, with global gaming platform WEMIX driving the charge, according to Zhang.
The initiative has been working in covert mode until now, and it has already invested in over 50 blockchain startups, including:
- Nansen is a platform for Blockchain analytics
- WOO Network is a cryptocurrency trading platform
- GenoPets is a move-to-earn National Football League (NFL) game
- Metaverse Magna is an online gaming community
- NestCoin is a Web3-centric investment firm (Africa)
After seeing the possibilities of blockchain technology and the crypto ecosystem, Zhang told a news outlet that she witnessed a growing interest from funds coming into the crypto field or new funds forming to invest in crypto.
“A growing number of venture capitalists are looking for methods to invest in cryptocurrency projects. Cryptography is a revolution and a disturbance of the capital plate in and of itself. In critical approach, it’s no longer centralized.”
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