Enterprise Singapore-backed accelerator launches $15m blockchain fund

LongHash Ventures, the Singapore-based Web 3.0 blockchain accelerator and investor, has launched a US$15 million blockchain fund.

Photo credit: LongHash Ventures

The new fund will be used to invest in tokens and early-stage blockchain companies, focusing on Web 3.0 infrastructure components and decentralized finance (DeFi). DeFi refers to a suite of financial applications and services that are built on top of open source smart contracts.

LongHash Ventures, which aims to build the native Web 3.0 blockchain economy, is supported by Fenbushi Capital, HashKey Capital, and Enterprise Singapore. It has a global network across Singapore, Shanghai, and Hong Kong.

The company has invested in and established partnerships with some blockchain protocols, including Polkadot, a blockchain protocol that focuses on interoperability; Filecoin, a decentralized storage network; and Algorand, an open source, permissionless, and proof-of-stake blockchain.

The firm said that it has so far accelerated over 30 companies, with its portfolio raising a combined US$25 million.

“Blockchain is one of the most disruptive technologies in our generation and will have a far-reaching impact across all key verticals, with the financial industry reaping the most immediate benefits,” said Emma Cui, co-founder and CEO at LongHash Ventures.

The global blockchain market is estimated to reach US$39.7 billion by 2025, up by a compound annual growth rate of 67.3% from US$3 billion in 2020, according to research by Markets and Markets.