Ledger and VC firm Cathay Innovation launch $110 million crypto fund

Quick Take

  • Ledger and Cathay Innovation have debuted a $110 million crypto fund.
  • The current market environment is a “real opportunity” to invest, Cathay Innovation co-founder Denis Barrier told The Block.

Crypto hardware wallet maker Ledger and global venture capital firm Cathay Innovation have teamed up to launch a €100 million ($110 million) fund to invest in web3 startups.

The fund, dubbed Ledger Cathay Capital, is backed by the French public investment bank Bpifrance. Some other investors have also supported the fund, Denis Barrier, co-founder of Cathay Innovation, told The Block, while declining to name them for "compliance and privacy reasons."

Ledger Cathay Capital will invest in early-stage startups across areas such as decentralized finance, security, infrastructure and digital ownership technologies. The fund is still new and hasn't made any investments yet, said Barrier.

When asked why it's launching the fund now amid challenging market conditions, Barrier said Ledger Cathay Capital sees web3 as a "multi-decade investment opportunity" and that the space is still evolving.

"We have no plans to slow down or reduce our investment activities and believe that the current environment is a real opportunity for us to start the fund and actively invest in the world's crypto startups," said Barrier.

Ledger chairman and CEO Pascal Gauthier concurred, saying that the fund will actively invest in startups building the decentralized future for the next billion users.