Billionaire Tim Draper, a prominent venture capitalist and early investor in companies like Hotmail and Tesla, has launched a new crypto venture studio and accelerator.
Billionaire Tim Draper Is Launching A Crypto Venture Studio
Billionaire Tim Draper, a prominent venture capitalist and early investor in companies like Hotmail and Tesla, has launched a new crypto venture studio and accelerator despite the ongoing bear market. The new venture studio, called Draper Goren Blockchain (DGB), will focus on accelerating decentralized finance (DeFi) and Web3 startups.
Draper has been a vocal supporter of Bitcoin and has predicted that the cryptocurrency will soar in value amid economic uncertainty in the US. However, he has also expressed concerns about crypto regulation and the potential for government intervention in the industry.
Despite these concerns, Draper is pushing ahead with his new venture studio, which he hopes will help to incubate and accelerate promising startups in the crypto and blockchain space. The studio will be backed by a general partnership and will focus on investing in companies that are building decentralized applications and infrastructure.
Draper's decision to launch the new venture studio comes at a time when the crypto industry is facing increased scrutiny from regulators in the US and other countries. However, Draper's partner at DGB has said that the regulatory environment is not a major concern for the new venture studio.
“With DGB, we are reinforcing our dedication to amplify crypto projects that are advancing the industry in anticipation of an influx of millions of new users and institutions in the coming months and years,” said Draper.
Draper's new venture studio is just the latest example of his ongoing commitment to the crypto industry, despite the challenges it faces. While some of his previous investments in the space have not paid off, Draper remains optimistic about the potential of blockchain and decentralized technologies to transform a wide range of industries.
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