Hong Kong-based venture capital (VC) firm Chiron Partners announced Wednesday the launch of a US$50 million fund to support the Terra blockchain ecosystem.
- Chiron Partners will use the fund, namely the Chiron Terra Fund I (CTI), to invest in innovative projects built on the Terra ecosystem, such as decentralized finance (DeFi) applications and metaverse-linked non-fungible token (NFT) platforms.
- “CTI fills a vital gap in the digital assets space,” said Sean Hung, founding partner and CEO of Chiron Partners. “We truly believe every great project requires a well-built protocol to flourish, and CTI will make that happen. We’re excited to advance our thematic approach and identify promising investment opportunities.”
- Terraform Labs, the South Korean developer behind the Terra blockchain, had raised US$150 million in a DeFi fund in July this year, with funding from major crypto investors such as Arrington XRP Capital, Pantera Capital, Galaxy Digital, BlockTower Capital and Hashed.
- Terra, launched in 2019, is a decentralized blockchain network providing payment settlements with fiat-pegged algorithmic stablecoins. Its native Luna cryptocurrency soared in price despite the recent market downturn, and is currently the world’s 10th largest cryptocurrency according to CoinMarketCap.com, priced over US$70.
- South Korean crypto VC company Hashed recently launched a US$200 million fund for investing in metaverse and DeFi startups, with investments from conglomerates and crypto-attentive firms including Naver, SK, LG, Com2uS and HYBE.