Two investors from Asian crypto venture capital firms will launch a new fund aimed at supporting Web3 projects, Bloomberg reported.
Created by Jason Choi and Darryl Wang, Tangent, the new fund with an undisclosed sum, will support three to five early-stage crypto projects.
Choi previously served as a general partner at Spartan Capital, while Wang was a principal at DeFiance Capital.
The investment vehicle, which was created to support crypto projects through the ongoing bear market, will not accept any capital from external sources. Tangent will also not charge a management fee but will retain under 3% ownership of the projects.
Once selected, the crypto projects will receive media, audit, legal, and technical resources from the fund.
The initial batch of mentors includes founders and executives like Ox Maki, Mable Jiang, Sam Kazemian, Tascha Punyaneramitdee, and Gabby Dizon, among others.
See also: China is embracing web3 without crypto
Editing by Deepti Sri and Joy Tirkey
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