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Global investment firm VanEck, managing over $118 billion in assets, is stepping into venture capital by launching VanEck Ventures. The new fund targets fintech, digital assets, and artificial intelligence (AI), aiming to raise $30 million for its initial round. By doing so, VanEck seeks to strengthen its role in early-stage crypto investments. This initiative builds on the company’s previous expansion into liquid asset investments, now adding both liquid and illiquid crypto ventures to its portfolio. Wyatt Lonergan and Juan Lopez, formerly of Circle Ventures, will lead the fund. They joined VanEck as general partners earlier this year, marking a strategic pivot for the firm.  “Since then, we’ve been working in stealth as we set up the VanEck Ventures fund, firm up our thesis and make our first few investments,” Lonergan told The Block.  The company focus will be on early-stage startups that integrate AI, digital assets, and fintech, aligning with VanEck’s commitment to pioneering crypto innovation. Although VanEck has previously participated in corporate investments in early-stage ventures, this is its first dedicated venture capital fund. About two and a half years ago, VanEck expanded into liquid asset investments, and now it is enhancing this approach with a fund dedicated to digital transformation opportunities, according to Lonergan.  VanEck Ventures Eyes $39T Stablecoin Market With a strong interest in tokenization and stablecoins, VanEck’s new fund aims to tap into the burgeoning opportunities within the crypto payment ecosystem. Lopez emphasized that stablecoins represent one of the most substantial product-market fits today, particularly in the context of cross-border payments.  “If you’ve ever sent money over a wire, or even tools like PayPal, we can all see the clear benefits,” Lopez explained. The fund intends to target early-stage startups that can bridge on-chain and off-chain payment systems, addressing inefficiencies in existing platforms​. He highlighted the…

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Filed under: News - @ October 10, 2024 2:04 am