Singapore launches $50m fund to invest in DeFi projects

Singaporean investment company Spartan Group announced the creation of a new $50 million venture fund to back projects in the decentralised finance (DeFi) space.

1/ Today we do our small part to move the DeFi ecosystem forward with the launch of our $50M Spartan DeFi Venture Fund. We believe DeFi is the future of Finance and we want to realize this vision sooner rather than later.

— SpartanBlack (@SpartanBlack_1) February 9, 2021

In the first round, Spartan DeFi Venture Fund raised $30 million. A further $20 million is expected to be raised in March/April.

Spartan has been investing in DeFi projects for two years through its hedge fund Global Blockchain Opportunities Fund. The company has participated in financing MakerDao, Kyber Network, yEarn.Finance, Synthetix and others.

Among Spartan’s recent DeFi investments are a liquidity aggregator for decentralized exchanges 1inch and a platform for trading cryptocurrency derivatives dYdX.

“We believe that DeFi is the future of finance and we want to realise this concept as soon as possible,” the company said.

As Ernst & Young notes, by the end of the year at least one traditional financial institution will launch a DeFi platform for its clients.

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