Crypto fund, Foresight Ventures (FV), is creating an incubation program. As part of the Foresight X initiative, $10 million will be provided to three distinct forms of Web3 financing and partnerships.
Foresight Ventures (FV), a crypto fund with $400 million in assets under management (AUM), is establishing Foresight X, an incubation program. The initiative will distribute $10 million to three forms of Web3 financing and collaborations.
Two programs have a pool of ecological and research funds that is limitless. The third is an eight-week incubator program with up to $200,000 in funding for 30 early-stage ventures or enterprises. Gitcoin, a crowdfunding platform, will distribute rewards and collaborate with FV to foster partnerships and mentorships.
Tony Cheng, general partner at Foresight Ventures, stated, “We are particularly interested in initiatives that offer solutions to help expand [the crypto] sector for widespread use.”
The grant application procedure will begin in the end of 2022. Prior to FTX’s recent demise, which is currently reverberating across the crypto sector, Web3 financing in general has been declining.
According to statistics, there was around $3.3 billion in startup investment in the third quarter of this year, an almost 50% decrease from the second quarter. In 2021, almost $9.3 billion was invested in the fourth quarter.
Despite the recent flood of depressing crypto news and trends, Foresight Ventures sees the current era as a chance to develop.
Forest Bai, co-founder, stated, “We understand very well that bear markets are moments of great innovation and growth.”
The initiative will emphasize projects at every level of development in order to “accelerate” the progress of the crypto sector. Prior to FTX’s recent demise, which is currently reverberating across the crypto sector, Web3 financing in general has been declining.
Foresight Ventures, founded in 2020, has invested in Web3, non-fungible token, gaming, and decentralized finance (DeFi) businesses. Following FV’s acquisitions of BitKeep, a multi-chain digital wallet in Asia, and BitGet, a Singapore-based exchange and trading platform, AUM climbed to $400 million from $80 million last year.
During CoinDesk’s Consensus 2022 in Austin, Texas, FV announced its inaugural incubation program. The company also supports the Bitcoin Miami conference.