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Dispersion Capital, a newly established venture capital firm specializing in cryptocurrencies, has recently introduced a $40 million fund with a specific focus on pre-seed and seed investments in Web3 infrastructure projects. This fund has garnered support from prominent limited partners, including the venture capital division of Circle, the issuer of USDC, Ripple, a crypto company with a focus on enterprise solutions, and Alchemy's investment arm, a leading player in the Web3 infrastructure space.
The fund is launching its operations amidst an enduring crypto bear market that has caused a slowdown in investments within the industry. However, infrastructure projects have demonstrated remarkable resilience, emerging as the most robust sector in this challenging market.
“We’re looking for teams that are bridging today’s infrastructure gaps and building new standards for decentralized tech layers,” Patrick Chang, founder and managing partner of Dispersion Capital, wrote in an announcement post. “Their work will make it possible to create and launch multi-chain, multi-currency, and multi-platform applications. We want to find and fund the fundamental tech layers that make this possible.”
Chang informed TechCrunch that Dispersion Capital has already utilized approximately 10% of its fund.
Chang highlighted in his post the significant influx of venture capital funding into the cryptocurrency industry throughout 2021. The primary emphasis was placed on the application layer of Web3, also known as decentralized applications (dapps), which facilitated user adoption in areas such as non-fungible tokens (NFTs) and decentralized finance (DeFi). However, as the bullish market sentiment subsided and the bearish trend emerged, the crypto infrastructure revealed its limitations.
“Web3’s foundational layer wasn’t (and still isn’t) ready for billions of users,” wrote Chang.
Chang's professional journey traverses the realms of Web2 and Web3, as indicated by his LinkedIn profile. Previously, he spearheaded blockchain investments at Samsung Next, demonstrating his expertise in the field. In addition, he has made notable contributions as an angel investor, lending support to esteemed crypto companies such as Alchemy, Dapper Labs, and Space and Time.