CVP NoLimit Fund I has reportedly bagged a fund worth $50 million from its investors. This is the fund round, with more to follow in the days to come. CVP NoLimit Fund is a joint venture between ClearVue Partners and NoLimit Holdings. Funds raised from the first round will be directed to early-stage crypto start-ups.
This will help them to scale their operations, expand their teams, and continue functioning in the crypto domain. It was led by Gin Chao, the Former Chief of Strategy at Binance. The initial pitch was to raise $100 million. That is still an achievable mark; however, it will not be attained instantly.
Gin Chao has said that they are grateful for the confidence that investors have put in them, adding that the fund is crucial and comes at a time when there are economic troubles all over the world. The base they have represents broader industries that are going through challenging macroeconomic conditions. Gin has added that the funding has created an ideal window for interested investors and developers to deploy capital in the exciting opportunities that the market has.
NoLimit offers economic assistance to early-stage crypto ventures based on their requirements and projects. The window generally ranges between $250,000 and $3 million. NoLimit has invested in over 20 projects so far. Moving forward, NoLimit plans to invest in 20 more ventures in the next 1 year – that is 12 months.
Some of the projects that have already secured the financial assistance are:
- Hogwarts Labs
- Connext
- Mysten Labs
- IQ Protocol
- Binance.US
Crypto ventures and Web3 projects are seeking assistance at a time when the overall digital market is far from booming. For instance, BTC was once at $65,000+. It is now dancing around $29,380.20. While the number is an increase of 0.36% in the last 24 hours, the fact remains that the crypto market is not as bright as it was a couple of years ago. There is no doubt that it can bounce back, and considering the volatility factor, it is only a matter of days for BTC to surpass the expected margin.
ETH is comparatively in a better position. Valued lower, but the token is inching closer to the mark of $2k. It was last seen changing hands at $1,847.07.
What keeps the hopes alive of the community are developments like Offchain Labs revealing BOLD Protocol. It has been designed to work dedicatedly for permissionless validation across Arbitrum chains. BOLD here stands for Bounded Liquidity Delay. It is a new dispute protocol that seeks to enable permissionless validation.
Circling back to CVP NoLimit Fund, the joint venture has gathered over $50 million in the first funding round. It will help develop investments in Web3 and blockchain projects. The only criterion is that they must be an early-stage project.
Source: https://www.cryptonewsz.com/cvp-nolimit-fund-i-bags-50-million-usd-in-funds/