The Saber brothers will now split their time between creating crypto projects and their investment
Popular developer duo behind Solana, are upto launching their all new venture capital fund. The fund is currently known as Protagonist has by now raised funds worth at least $33 million as per its official website and documents submitted to the US SEC. The Saber brothers, who are well known across the space for creating the protocol for stablecoin swapping named as Saber and now with these new initiatives it seems like they will now split their time between creating crypto projects and their investment.
ALSO READ – The Saber brothers will now split their time between creating crypto projects and their investment
The initiative of two creative contributors of the Solana ecosystem has sparked concern among already established venture capitalist firms across the space, where many of them have said that doing both the creating crypto projects and investing in them needs focus and effort. For instance, Robot Ventures’ Robert Leshner and Tarun Chitra said that they don’t think that it inspires any confidence while looking at it as they are committed towards the protocol, although it is accepted commonly with lots of examples out there.
As per the Protagonist website, for now, the Protagonist team has listed four people as co-founder that includes Macalinao brothers Dylan and Ian, CEO of Pipe, Henry Hurst and a self proclaimed angel investor George Bousis. Further this team also includes Sevan Avakian who’s a Corporate Attorney and will serve as general counsel and partner at Protagonist alongwith Jiani Chen who is an investment partner at the firm.
The website states that the company is building and looking to invest in crypto companies and projects that will be future defining. So far, it has deployed into Cardinal, a programmable NFT startup, layer 1 contender Aptos, decentralized finance protocol Delta One and neobank Gogni.
Ship Capital has also rebranded as the regulatory documents show the name change, this reflects the signs that it is shifting from just a GitHub contributor collaborative to an authentic venture capital firm. Both have stated that they collaborators are a group of friends who came up for the project together.
Source: https://www.thecoinrepublic.com/2022/06/28/on-which-crypto-venture-fund-macalinao-brothers-of-solana-are-determined/