VC Firm OP Crypto Rolls Out $100M Fund to Support Early-Stage Crypto Projects

OP Crypto, a crypto VC organization founded back in 2021, has recently stated that it would be rolling out a significant $100M fund to back a number of early-stage startups. Huobi’s former execs Lucas He and David Gan will reportedly act as the chief executive officer (COO) and president of the new fund, respectively.

According to the official announcement, the company’s latest fund dubbed OP Funds of Funds I (OP FoF I) will be focused on assisting emerging funds managers that have experience in decentralized finance (DeFi), non-fungible tokens (NFTs), metaverse, infrastructure, as well as gaming, focusing on geographies such as India, Africa, Latin America, and Southeast Asia.

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OP Crypto stated that its fund also received $50M in commitments from big businesses, including FTX subsidiary dubbed FJ Labs and investment organization LedgerPrime, with the OP FoF I targeting a hard cap of $100M. On top of that, David Gan and Lucas He are expected to close down the fund by the end of Q3.

David Gan, founder and general partner of OP Crypto, noted that the funding provides a good opportunity for fund managers to explore the crypto ecosystem, while “increasing their deal flow across international borders and amongst people with niche vertical expertise.”

Lucas He mentioned that a number of players in the crypto ecosystem are still not exactly sure where they could “park their capital” amid the current harsh crypto market conditions. Thus, it seems as though the bear market caused a number of investors to gain additional crypto exposure. He also commented on joining forces with Gan on the initiative:

"Combining my experience with [Gan’s], we really have a spectrum of CeFi, TradFi and DeFi experiences that give a great understanding of institutional money and their demands in the space."

OP Crypto previously fired up its first $50M OP Ventures Fund I, backed by Galaxy Digital, Digital Currency Group, Alan Howard, as well as Bill Ackman, to invest in crypto fund managers and their projects exploring the Web3 environment.

He said that the two funds in OP Crypto's possession are just the beginning. The firm is planning to roll out an abundance of fund vehicles in the near future to support various investors.

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