Spartan Group, backed by institutional interest, raised $110M for its DeFi fund.
Initially, the management of the Spartan Group planned to raise about $30M in its new fund related to decentralized finance. However, the final interest of investors surpassed all expectations, allowing a much larger amount to be raised.
According to representatives of the fund, they intend to support the development of projects in the blockchains of Ethereum, Solana, and many others, with a special focus on DeFi applications. So far, the company prepares to invest in 50 projects over the next 5 years. Prior to that, she had already invested in dYdX and Arbitrum.
CEO Jason Choi said Asian investors were most interested in them. Choi also noted that they closely monitor the situation with prices and adhere to a long-term strategy, because it is easier to attract investors from Asia to venture capital than to hedge funds.
First of all, such fees demonstrate well the attitude of institutions towards the decentralized finance industry. It continues to show incredible growth despite the current bearish position in the cryptocurrency market, and its potential is one of the main engines of the crypto industry today.