The ever-expanding world of crypto continues to drive more and more companies to make the space more approachable as well as more advanced, and Crypto.com is contributing to that with the help of its newest partner.
Jon Russel, as their newest partner for the company’s investment arm Crypto.com Capital. After working as a technical journalist for companies such as TechCrunch and The Ken, Russel intends on diverting his focus towards web3 and aims to have it touch as many people as possible.
— Crypto.com (@cryptocom) January 17, 2022
Upon the announcement of his decision of taking up the role as a partner at the company, Russel explained that according to him “Crypto.com is the most ambitious company in web3″. This is the exact reason why he joined Crypto.com in particular despite being offered multiple opportunities before.
He further stated:
“The Crypto.com Capital fund brings a very unique advantage to help the world’s best web3 founders and startups to realise their potential and I can’t wait to play my part.” (sic)
This holds true for a lot of reasons as Crypto.com Capital has managed to provide investment to more than 20 different start-ups in less than a year since its launch in March 2021.
The investments which have varied between $1 million to $10 million in Series A stages along with $1 million for seed rounds have helped companies like Efinity, Genies, Matter Labs, and many more to gain an advantage of this investment to further the cause of web3.
Efinity even won the 6th slot at the Polkadot Parachain auctions in December.
An interesting observation has been that Crypto.com Capital’s aim of advancing web3 isn’t limited just to Decentralized Finance (DeFi). The 20 projects it has invested in include ventures from metaverse, blockchain gaming, and NFTs amongst DeFi.
But Crypto.com isn’t the only company looking to make the most of this developing market. Just recently even FTX announced their new Venture Capital arm ‘FTX Ventures’ which is being launched with $2 billion in funds and plans on investing in similar web3 startups.
How Is CRO Reacting To This?
At the time of this report, Crypto.com’s token CRO displayed no immediate reaction to this news. Expect no sudden bullishness in the near future as the present bearishness might take a while to subside given CRO is in an active squeeze release.
Going forward, $0.492 will continue to be a critical resistance but sustained support from investors and external factors might help CRO recover its 49% drop from its all-time high soon.