Blockchain fintech enterprise firm Draper Goren Holm has debuted a $25 million enterprise fund for promising fintech and blockchain startups.
The brand new fund, dubbed Fund 1, will present seed and Sequence A funding to startups instantly. Whereas Draper Goren Holm invests in firms globally, its acknowledged focus is now extra on European markets, with a brand new workplace opening in Vienna in December.
“Europe is becoming a major hub for fintech, and more specifically, blockchain innovation,” mentioned Josef Holm, founding companion at Draper Goren Holm, in an announcement. “It’s incredible to see how pro-crypto and blockchain European governments have become the last couple of years as their favorable regulations have attracted a flock of talented and diverse entrepreneurs building incredible projects across Vienna, Zug and Berlin, to name a few. Fund 1 will capture this ever-growing market and Draper Goren Holm will expand its value-add beyond our initial home borders of Los Angeles.”
Cryptocurrency tokens create a decentralized retailer of value, in that they will have value unbacked by any government-backed fiat foreign money. Draper Goren Holm’s 18 portfolio firms make monetary devices and platforms which might be additionally decentralized — they aren’t related to conventional banks and use distributed ledger expertise (i.e., blockchains) to retailer data.
Whereas many accounting companies are actually offering tax-related providers to shoppers invested in cryptocurrencies, bigger companies have been seizing the alternatives supplied by blockchain expertise, and exploring its use primarily in assurance, attestation and the audit perform.