Eight Roads Ventures Scores Former Coinbase Japan CEO As Partner

Key Points:

• Fidelity-backed VC firm hires former Coinbase Japan CEO as partner.
• Kitazawa to add immense value to Eight Roads Ventures’ portfolio.
• Fidelity continues to spread its wings into crypto, launching EDX Markets and Fidelity Digital Assets this year and building a dedicated crypto research team.

Eight Roads Ventures, a Fidelity-backed investment firm that manages assets worth over $11 billion, recently hired Nao Kitazawa as a venture partner.

Kitazawa was the former CEO of Coinbase Japan, where he worked for nearly five years.

According to a recent LinkedIn post, Kitazawa joined Eight Roads to pursue his passion for fintech and web3. He expressed his excitement to be a part of a firm with a successful track record of backing some of the world’s most innovative and disruptive companies.

Kitazawa’s appointment comes amid Fidelity’s expanding interest in the cryptocurrency market. EDX Markets, a Fidelity-backed crypto exchange, announced its launch earlier this week, despite regulatory crackdowns by the United States Securities and Exchange Commission and bearish market conditions. Additionally, Fidelity Digital Assets, which launched its platform earlier this year, allows millions of users to trade bitcoin and ether commission-free. Fidelity is also building a dedicated crypto research team to investigate the potential of blockchain technology.

Meanwhile, Eight Roads Ventures has invested in several crypto startups, including Fireblocks and Kaiko, according to The Block Pro’s Deals Dashboard. By appointing Kitazawa, Eight Roads Ventures expects to add immense value to its portfolio.

Eight Roads Ventures, formerly known as Fidelity Ventures, began investing in Boston in 1969. Today, it has investment teams across Asia, Europe, and the U.S. Last year, the firm launched a $350 million technology investment fund for China as well as a $250 million healthcare and life sciences fund for India.

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