Tykhe Block Ventures, a USA based Venture Capital firm, has announced the first close of it’s Blockchain Growth Fund. The first close was led by a clutch of UHNWIs and Family Offices operating in South-East Asia & Middle East. The firm has also committed that approximately $10 Mn of the fund will be allocated to invest in blockchain & Web3 startups in the Middle East region. Tykhe is also in the process of setting up their Dubai office and aims to launch a $100 Mn fund later this year.
Tykhe Block Ventures was started in 2021 by Prashant Malik, one of the leading investors in SEA (early investor in multiple unicorns like Urbanclap, Shadowfax, OfBusiness, Coinswitch) and widely recognized as the creator of Apache Cassandra – the distributed database used by majority of technology enterprises globally. Prashant built Cassandra when he joined Facebook as one of the earliest employees – that was later open-sourced as Apache Cassandra.
“My passion for the blockchain space started in 2016, as it drew a lot of parallels from Cassandra which is a peer-to-peer masterless database running on a voting mechanism similar to blockchain. In 2021, together with my partners, we launched a pilot blockchain fund which did considerably well. That gave us the belief to launch the $30 Mn Blockchain Growth Fund. Despite the softness in the market, we have seen great interest from investors who believe that blockchain is going to be the next big narrative in the technology space, like how social media was when I started building Facebook.” said Prashant.
As Sponsors, Prashant and other Investment Partners have committed $5 Mn into the fund. The fund managers bring together a combined 30+ years of core blockchain investing experience where they have invested in more than 80+ companies.
“Stellar teams building in blockchain space reach out to us to access not just venture capital, but also relationship capital. Given my experience building Cassandra, I am able to guide them on setting a scalable and secure architecture for DLT (distributed ledger technology).” quoted Prashant. Some of the recent investments done as part of the Blockchain Growth Fund comprise of Trust Machines, Fan Tiger, DWallet Labs (Odsy Network), NFTPerp, Convrse.
The blockchain space has been recently marred by implosions of companies like Celsius, FTX and in general a deep correction in cryptocurrency prices. However, Tykhe views these developments as a necessary and healthy correction. “All the players that went down were centralized entities and have no co-relation to the ethos of blockchain technology – which stands for decentralization. Thanks to our thesis of investment in pure decentralized networks, our portfolio companies have been doing reasonably well, despite the global downturn. Infact, we are probably one of the few funds in our space that has clocked high-double digit returns in the last year – when everyone else has seen a deep correction” spoke Ganesh, who leads the Investment Team.
The global Web3 market size reached $3.2 billion in 2021 and is expected to register a CAGR of 43.7% to reach $81.5 billion in 2030, according to Emergen Research published in June 2022. Middle East, and specifically Dubai, is home to a number of blockchain and cryptocurrency startups and exchanges, making it a natural hub for the industry.
I was extremely pleased to uncover this page. I need to to thank you for ones time due to this wonderful read!!
I definitely appreciated every bit of it and i also have you
bookmarked to check out new things on your web site.
Kindly check the link below Thank you! 고스톱
Простота и низкая стоимость: Релейные стабилизаторы являются наиболее доступным и недорогим вариантом стабилизаторов напряжения.
стабилизатор напряжения rucelf stabilizatory-napryazheniya-1.ru.
Hello there! I simply want to offer you a huge thumbs up for your excellent info
you have here on this post. I will be returning to your web site
for more soon.
I was curious if you ever considered changing the layout of your website?
Its very well written; I love what youve got to say.
But maybe you could a little more in the way of content so
people could connect with it better. Youve got
an awful lot of text for only having 1 or two images.
Maybe you could space it out better?
You clearly have an extraordinary grasp of this subject. I’m signing up for
e-mail notices!
Feel free to surf to my webpage … payday loans toronto
Useful information. Lucky me I discovered your web site accidentally, and I am stunned why this accident
did not happened earlier! I bookmarked it.
Good day! Do you know if they make any plugins to protect
against hackers? I’m kinda paranoid about losing everything I’ve worked hard on. Any
suggestions?
If some one wishes expert view about blogging and site-building afterward i suggest
him/her to pay a visit this web site, Keep up the nice job.
Magnificent web site. A lot of useful info
here. I’m sending it to some buddies ans additionally
sharing in delicious. And naturally, thank you on your effort!
I don’t even know the way I finished up here, but I believed this put
up was great. I do not recognise who you’re however certainly you are going to a well-known blogger if you are not already.
Cheers!
Thank you very much for sharing, I learned a lot from your article. Very cool. Thanks. nimabi
Today, I went to the beach with my children. I found a sea shell and gave it to my 4 year old daughter and said “You can hear the ocean if you put this to your ear.” She placed the
shell to her ear and screamed. There was a hermit crab
inside and it pinched her ear. She never wants to go back!
LoL I know this is totally off topic but I had to tell someone!
Thank you very much for sharing, I learned a lot from your article. Very cool. Thanks. nimabi
Thank you very much for sharing, I learned a lot from your article. Very cool. Thanks. nimabi
This design is incredible! You definitely know how to keep a reader amused.
Between your wit and your videos, I was almost moved to
start my own blog (well, almost…HaHa!) Excellent job. I really enjoyed what you had to say,
and more than that, how you presented it. Too cool!
It is very well written, and your points are well-expressed. safetotosite.pro
This post is quite informative. I love reading your blogs. Quite helpful.
Thank you very much for sharing, I learned a lot from your article. Very cool. Thanks. nimabi
Компании, занимающиеся прокатом инструментов, обычно обновляют свой ассортимент и предлагают новейшие модели инструментов. Это позволяет арендаторам использовать самые современные инструменты, что может значительно повысить эффективность работы.
пункт проката аренда электроинструмента.
Thank you very much for sharing, I learned a lot from your article. Very cool. Thanks. nimabi