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Tuesday, March 28, 2023

Old Fashion Research Launches $100 Million Latam and Emerging Markets Crypto Metaverse Fund

Old Fashion Research Launches $100 Million Latam and Emerging Markets Crypto Metaverse Fund — In the midst of the current market downturn, Old Fashion Research, a VC firm created by former Binance workers, has announced the creation of a new crypto fund.

The fund, which will have $100 million in its disposal, will concentrate its efforts on metaverse investments and bringing crypto initiatives to emerging markets such as Latin America.

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Even with the recent slump that several economies — traditional and crypto — are currently experiencing, some corporations are still investing in cryptocurrency initiatives and remain hopeful about the industry’s future. One of them is Old Fashion Research (OFR), a startup firm founded by former Binance employees in 2021.

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The company, whose name comes from a popular cocktail, has announced the establishment of a new crypto-based fund that will focus on the metaverse and expanding cryptocurrency acceptance to emerging regions such as Latam.

One of OFR’s managing partners, Ling Zhang, told Techcrunch:

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“We are eager to collaborate with builders on a long-term basis. We are primarily concerned with the Southern Hemisphere.  We’ll target all emerging markets, but our goal and vision is to speed adoption there.”

The fund has kept a low profile until now, and it is the company’s largest fund to date. Several companies, including blockchain analytics platform Nansen, cryptocurrency exchanges Woo and MEXC Global, as well as blockchain Layer 2 groups like Boba Network, are included on Old Fashion Research’s portfolio investments website.

Limited partners, family offices, traditional VC funds, and angel investors contributed resources to the fund. According to Zhang, the crypto sector is booming as more and more companies get interested in the field’s evolution. 

She stated:

“VCs are increasingly looking for ways to invest in cryptocurrency projects. Crypto is a revolution and a disruption of the capital itself. In a top-down approach, it is no longer centralized.”

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Old Fashion Research offers its own opinion on the current challenges that the crypto industry is facing. According to Jiang Xin, another partner at the firm, the current situation is advantageous for VCs wanting to enter the industry because projects are more affordable and sensible in terms of valuation. This is the perfect time for the organization to make investments and develop new projects.

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