Source:https:\/\/techcrunch.com\/2022\/07\/26\/new-york-city-interplay-blockchain-crypto-web3-vc-venture-capital-fund\/<\/a><\/br>
\nNew York City\u2019s Interplay is raising $10M for new blockchain fund<\/br>
\n2023-01-20 22:25:27<\/br><\/p>\n

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We\u2019ve seen a number of new web3-focused venture fund launches in the past month from large traditional VCs, including Lightspeed, as well as smaller, crypto-native firms such as Valkyrie<\/a>. Although crypto startups have had a tougher time attracting capital, venture firms seem to be raking in money<\/a> from investors, perhaps preparing themselves to scoop up stakes in startups for relatively cheap prices<\/a> if market conditions worsen.<\/p>\n

Now, New York City-based Interplay<\/a>, which says it provides services to 15% of venture-backed companies in the U.S., is launching<\/a> its own dedicated blockchain fund that will invest in early-stage startups, tokens, special situations and other strategies within web3. Mark Peter Davis, Interplay founder and managing partner, told TechCrunch in an exclusive interview that the firm is targeting a $10 million raise and is currently in conversations with investors.<\/p>\n

Interplay\u2019s current offerings include a venture capital arm that houses two early-stage funds, a foundry that helps build companies from scratch, an incubator to support existing companies and a family office, Davis said. The firm is launching Interplay Blockchain as a standalone vertical separate from the existing venture capital arm, which makes investments in seed to Series B companies across the tech sector, he added.<\/p>\n

While this launch marks Interplay\u2019s first dedicated foray into the web3 space, the venture capital arm participated in Coinbase\u2019s Series A round and has helped incubate an insurance product for the crypto space, according to Davis.<\/p>\n

\u201cWe\u2019ve just kept looking at random opportunities that don\u2019t quite fit squarely in our other programs that we\u2019re excited about, and now we have a program to engage them,\u201d Davis said of the firm\u2019s crypto aspirations.<\/p>\n

The firm is bringing in Brett Palatiello, a quantitative trader who most recently led systematic macro and equities research at Ridgewood Analytica, to co-lead Interplay Blockchain Fund I alongside Davis and Interplay partner Kevin Tung<\/a>.<\/p>\n

Palatiello said that within web3, he is enthusiastic about blockchain interoperability and identity solutions as subsectors for investment.<\/p>\n

\u201cIf we look at the internet as it is now, think of it as walking through a house with some doors locked and you get to open them. I envision the metaverse as being a fluid situation \u2014 imagine swimming around the ocean where you carry your identity or information all with you in a seamless way. So essentially, it\u2019s just one broad open ecosystem where people can move around and build things on top of the other, so I think identity is one of those things that needs to happen,\u201d Palatiello said.<\/p>\n

As for what makes Interplay\u2019s fund stand out in a crowded spate of crypto venture funds, Palatiello emphasized the team\u2019s interdisciplinary background.<\/p>\n

\u201cI was a developer, and I was also very involved on the financial side of things, and I have a heavy background in economics \u2026 having that background will certainly help us communicate with developers who themselves have their own languages,\u201d Palatiello said.<\/p>\n

\u201cWe [also] have Kevin and Mark, who are very strategy-oriented. One of the things that\u2019s missing in this space is product and strategy-oriented people,\u201d he added. \u201cYou have a lot of developers who build very, very interesting technologies \u2014 it\u2019s a matter of making those things consumer-facing and putting them into practice.\u201d<\/p>\n<\/p><\/div>\n

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Tech, Technology<\/br>
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\nSource:https:\/\/techcrunch.com\/2022\/07\/26\/new-york-city-interplay-blockchain-crypto-web3-vc-venture-capital-fund\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2022\/07\/26\/new-york-city-interplay-blockchain-crypto-web3-vc-venture-capital-fund\/ New York City\u2019s Interplay is raising $10M for new blockchain fund 2023-01-20 22:25:27 We\u2019ve seen a number of new web3-focused venture fund launches in the past month from large traditional VCs, including Lightspeed, as well as smaller, crypto-native firms such as Valkyrie. Although crypto startups have had a tougher time attracting capital, venture firms […]<\/p>\n","protected":false},"author":1,"featured_media":15914,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[17,8],"tags":[],"class_list":["post-15913","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech","category-technology"],"yoast_head":"\n