Billionaire investor and crypto enthusiast Tim Draper launched his new crypto-focused venture capital firm, Draper Goren Blockchain, on Thursday amid a prolonged bear market. Draper has clearly stated the mission of his new venture. He says Draper Goren Blockchain will drive DeFi innovations, help Web3 developers build gaming apps and invest in scaling solutions.
Draper has gained popularity in the crypto sphere, having invested in several projects over the years. The billionaire investor is a massive Bitcoin fan who does not shy away from making wild price predictions. Earlier this year, he said the coin could hit $250,000 by the end of 2025.
Draper hasn’t started the company alone. His is joined by David Bleznak and Alon Goren, who both have deep roots in the crypto industry. Previously, Goren partnered with Draper to form Draper Goren Holm. He is also a board member at lunarCrush, a popular social analytics platform.
Bleznak, on the other hand, has worked at crypto exchange Coinbase as the head of institutional products before becoming the CEO of decentralized exchange aggregator Totle.
Meanwhile, Gorem says their new venture will be spending several years working with the selected crypto companies and that they won’t run it like Techstars and Y Combinator. He reveals that the pre-seed startups they choose to work with will each receive between $25,500 and $100,000.
Gohen Comments on the Current Regulatory Environment in the United States
Draper Goren Blockchain comes at a time when the United States is lacking clear regulations for the crypto industry. Nonetheless, the country’s regulators, led by the Securities and Exchange Commission, have continued to level enforcement actions against cryptocurrency players.
Goren says the existing regulatory environment in the US is hindering crypto innovations. He continues to explain that it could be the reason many American blockchain entrepreneurs are setting up shop overseas. Despite the current uncertainty, the investor believes blockchain technology is here to stay.
Draper’s longtime partner explains that the main goal of Draper Goren Blockchain is to promote mainstream adoption of crypto assets by improving user experience.
All said, the venture capital company is set to announce the first set of incubated crypto projects before the end of the year.
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