VC fund headed by former Binance strategy chief closes first fund at $50 million

A joint venture focused on early-stage stage investment in crypto startups — led by former Binance strategy chief Gin Chao — closed its first fund at over $50 million.

A partnership between NoLimit Holdings and private equity firm ClearVue Partners, CVP NoLimit Fund I closed on July 25, according to an announcement today.

The Block reported in October 2022 that NoLimit was pitching investors to raise $100 million for the fund.

“We are grateful for the confidence and trust that our partners have placed in us for this first fund, particularly given the breadth of industries our LP base represents and the challenging macroeconomic conditions during this period,” said Chao in a written statement.

“At the same time, this has created an ideal window to deploy capital into the exciting opportunities that the current market presents.”

Early-stage focus

NoLimit is focused on seed stage deals and strategic rounds, with check sizes ranging from $250,000 to $3 million. Its current bets include Mysten Labs, Connext, Hogwarts Labs, Binance.US and IQ Protocol. In total, it has invested in over 20 projects globally, and expects to make an additional 20 investments over the next 12 months, according to today’s announcement.