Electric Capital Venture Firm Funds $110 Million Toward Blockchain and Cryptocurrency Development

Electric Capital, a venture capital firm that “invests in cryptocurrencies, blockchain-based businesses, fintech companies, and marketplaces,” has announced a fund of $110 million that will head into cryptocurrency and blockchain networks, a press release from the group notes.

This firm was founded by former employees at Facebook and Google, and who have investor experience with companies like Airtable, Notion, and more, the release notes.

It also focuses on three areas to push blockchain and cryptocurrency forward:

1. Layer 1 Protocols where the base token is a form of money and a token that may become a non-sovereign, store of value.
2. Decentralized Finance & Community Owned Networks where tokens align economic incentives. Some of these networks will decentralize existing entities in traditional markets while some will be entirely novel applications that were previously impossible.
3. Crypto Enabled Businesses and Marketplaces where customers receive novel benefits enabled by cryptography, tokens, and blockchains.

Speaking on the matter is Avichal Garg, one of the co-founders of Electric Capital, who said:

“We support early founders from their first investment and love working closely with them for many years. We’ve scaled products from zero to one billion users and teams from zero to hundreds of engineers. We help founders on scaling their organization, building products, cultivating communities and developer ecosystems, and more.”