Snapchat VC Firm Wants to Ramp Up Crypto Investments
The venture capital firm Snapchat called Lightspeed wants to up the ante of its investments in the crypto market. Spearheaded by Aaron Batalion, a partner at the said VC, he is responsible for boosting the firm’s investment. And he does this by exploring three methods: carving out a portion of an existing fund, launching a brand new project, and setting up a new fund.
Lightspeed on the Move
Reports have it that the firm is leaning towards carving out a significant part of an existing fund, which it intends to utilize for crypto investments. It wants to do this instead of setting up an entirely new fund, though the latter is something it has been considering the past few months.
Batalion, on the other hand, does not want to wait. That is because he intends to step down from his current position (general partner) in order to jumpstart his very own crypto-focused project. Lightspeed is said to be totally prepared in backing the new and upcoming project financially.
This is without a doubt a new trend to look forward to in the market. And if the firm’s decision results in huge success, other firms are expected to jump the bandwagon and join the parade. Of course, it is still too early to count the chicken, but it still an interesting event to look forward to.
Other Interested Partner
It is worth noting that Batalion is not the only partner in Lightspeed who is in interested in crypto investment. Jeremy Liew, in particular, is said to be a bullish Bitcoin proponent. He is the person leading the firm’s investment into the titular Snapchat and is even part of the firm’s backing of crypto wallet Blockchain.com’s initial funding back in 2014.
The firm’s interest in cryptocurrency is not something new in the industry. That is because other major traditional VC firms have shared their interest towards such movement. In fact, according to reports from last month, both Comcast Ventures and the Rockefeller family’s venture capital arm Venrock are looking to impose their own moves in the crypto-trading market.
With the rise of interest towards digital currencies, it is safe to say that its popularity will continue to grow in the next years to come. With Lightspeed geared towards such direction, it is only right for other VC firms to follow the same. And perhaps Batalion’s work will soon pay off, though it is still too early to determine the endgame.