German venture capital firm Picus Capital has opened a new line of business targeted at Web3.0 and crypto investments.
This new investment unit dubbed Picus.xyz will be targeted towards early-stage financing like pressed to Series A startups. For all of these entities, Picus.xyz will provide equity investments and tokens. This will keep the investment arm in line with Picus core practises.
According to a blog post by Picus Capital, “Picus.xyz is not only a sign of our long-term belief and commitment to web3, but also a means for us to more effectively communicate with the web3 community, and a way to aggregate all of our know-how and value-add to prospective partners.”
Notably, Picus.xyz’s focus will be on Web 3.0-oriented startups and those involved with consumer products. To further iterate the objectives of the investment arm, the company announced
“At picus.xyz we seek to partner with founders whose north star is the advancement of web3 and who are solving the hard problems in the way of the next billion users. Our investment focus remains early-stage (Pre-seed to Series A) across web3 infrastructure and consumer, through both equity and tokens.”
In its more than six years of operation, Picus Capital has invested in up to 140 entities including Nested, Omni and Gathering.
Many Web3.0 companies like artificial intelligence infrastructure platform Spice, staking service Stride, Web3 Builders, Web3 gaming platform Nefta, provider of risk management services for digital assets Arda, CypherD, crypto asset management service Arch, and D2X are beneficiaries of Picus support.
As part of its offerings, Picus Capital ensures that founders are connected to dedicated teams for HR and operational support.
Crypto Industry Plummet Citing FTX Implosion
A great amount of traction has been seen in the Web3.0 and Decentralized Finance (DeFi) industry in past years.
However, this year has been rocky and filled with so many pitfalls for the crypto industry. In this year alone, multiple bankruptcies have been recorded including Three Arrows Capital (3AC), Celsius Network, Voyager Digital and the most recent FTX and BlockFi.
The implosion of FTX Derivative Exchange seems to be the latest and biggest challenge for Web3.0 and the crypto industry as it stands.
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