Due to the increased popularity of cryptocurrency, many companies and investors have shown interest in it. In the light of this matter, the main Investor behind famed Snapchat company ‘Lightspeed Venture Partners’ is planning to invest in cryptocurrency fund.
Currently, the firm is exploring the cryptocurrency space in order to invest in those funds. As reported by Recode, the company is targeting three main areas which could be possible options for investments. Namely blockchain projects, ICO’s or it may be a direct investment in bitcoin or Ethereum.
Although above-mentioned options seem viable, the company has not yet finalized on any of them.
Three Investing Options
To elaborate more on these options: the first one being an Andreessen Horowitz-like fund, which operates autonomously targeting on cryptocurrency market. Unlike Lightspeed Venture firm which is technology oriented.
Secondly, direct investment in Blockchain projects and rebrand the firm into cryptocurrency investment company. The main intention behind this idea is to create a company focused on the crypto sector.
Lastly to start a whole new different company which will operate outside the area of Lightspeed Venture and focuses only on cryptocurrency market.
As per the statement from Lightspeed spokesman,
“We’ve been making many investments in the fintech space over the past several years, including Affirm, Blockchain, Basis and more that are unannounced. Blockchain-based technologies are a huge area of interest for us and we have partners focused on this. In terms of a dedicated crypto fund, we have nothing to announce at this time”
As per speculations, the company has already invested in Telegram ICO, which raised $1.7 billion dollars through its presales. Alongside the firm also invested in stable cryptocurrency by Binance, called Basis.
In April, Lightspeed led a $133 million funding round for Basis, participated by Andreessen Horowitz, Bain Capital Ventures, and Google Ventures.
Down the line, the firm might probably focus on becoming a mainstream cryptocurrency company and one of the major large-scale venture capital firms.
So readers, What do you think of this Investment by Snapchat VC’s? Let us know your thoughts in the comment section below