SparkLabs launched new $100m vehicle for blockchain, cryptocurrency

SparkLabs Group has launched a $100m vehicle focused on blockchain and cryptocurrency companies.

This fund, which is led headed by Stellar.org founder Joyce Kim, will invest into the global cryptocurrency and blockchain sector, and several cryptocurrencies the firm plans to hold. Later this year SparkLabs plans to launch its own ICO.

The fund will also be supported by SparkLabs co-founders Net Jacobsson and Jay McCarthy, as well as former Zheng He Capital executive director William Chu. An advisory board for the vehicle consists of people from Stanford University, Singapore’s sovereign fund, Bank of America Merrill Lynch, Anderson Mori and Tomotsune, and Hylands Law Firm.

SparkLabs’ accelerator has previously worked with blockchain startups including bitcoin remittance company Blocko, and blockchain compatible foreign exchange trading platform Cryex.

Last year SparkLabs Global Ventures division took part in payment splitting platform Pay By Group’s $3.4m round.

The Asia blockchain and cryptocurrency market has contributed to around the same amount of total funding in the sector since 2014. The region’s market share has been between 15 to 17 percent of the total global funding, with 2017 looking to continue this trend.

Copyright © 2017 FinTech Global

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