The digital asset management group’s Nexo Ventures subsidiary will target companies operating in the Web3 ecosystem, in areas including blockchain, game finance and metaverse products.
UK-based cryptocurrency asset manager Nexo formed a $150m corporate venture capital and mergers and acquisition arm dubbed Nexo Ventures on Wednesday.
Founded in 2017, Nexo provides crypto financial services, helping users manage and trade digital currencies. It oversees assets for more than 3.5 million customers across some 200 jurisdictions globally, and has handled in excess of $75bn in total.
Tatiana Metodieva, head of corporate finance and investments at Nexo since July 2020, will lead Nexo Ventures. The unit will focus on Web3 technology developers covering areas such as blockchain, game finance, metaverse, crypto payments and token-based economics.
Metodieva said: “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.
“Also, our investment value proposition differs from most traditional investment funds. We are native to and have a deep understanding of the digital asset industry and technology. We prioritise strategic investments and aim to integrate innovative solutions into Nexo’s product ecosystem and across our global market footprint.”
Nexo Ventures also unveiled its first investment, in US-based digital asset information aggregator The TIE, having likely participated in a $9m series A round led by smart contract software provider Avalanche’s Blizzard Fund on Wednesday.
