IDEO, an American design and innovation consultancy, has applied for a new cryptocurrency fund through its blockchain-oriented venture capital subsidiary.
IDEO CoLab Ventures, an early-stage mutual fund focused on blockchain development, filed a new crypto fund with the United States Securities and Exchange Commission (SEC) on Tuesday.
The new fund, called “IDEO CoLab Crypto Fund II LP”, has a total offering of USD 100 million. The application was made by IDEO CoLab managing director Joe Gerber.
The SEC filing follows IDEO CoLab’s announcement that it will offer an early-stage crypto fund of $ 21 million from October 2020. The new fund is backed by executives from large cryptocurrency companies like Coinbase, as well as companies like Twitter, Fortress and IDEO themselves. Other supporters include major investors such as Avanta Ventures, the GS Group, Hanwha Asset Management, Fineqia and others.
As previously announced, IDEO has helped CoLab incubate over 30 crypto startups since their first investment in 2018. IDEO’s industry investments reportedly include digital asset trading platform FalconX and Handshake, a decentralized naming and certification authority.
Taehong Huh, GS Group’s managing partner at GS Futures, said IDEO Colab is perfectly positioned to lead the movement in support of industry collaboration between investors, entrepreneurs, designers, policymakers and corporations.
“We believe that the disruptive nature of blockchain technology is still underestimated by the public, including companies like us, because it has not yet been translated into generally desirable products or experiences,” he said.