Canonical Crypto Announces $20M Fund for Blockchain Developers

Canonical Crypto, a new venture capital organization, has secured $20 million for its first fund to support blockchain infrastructure initiatives, with a bias for talent transitioning from Web 2 to Web 3.

The fund was supported in part by a number of crypto heavyweights including Marc Andreessen, Andreessen Horowitz (a16z), and Chris Dixon.

Dragonfly Capital’s Haseeb Quresh, Shan Aggarwal, Coinbase Ventures corporate development head, FTX Ventures partner Amy Wu, and various family offices were among the other investors.

In a recent interview, Canonical Crypto creator Anand Iyer said, “The thesis is highly based on the world I grew up in, which is user infrastructure.”

“I believe we’re at a point in crypto where we simply need decent infrastructure.” To accommodate all of the planes that are operating, we need better airports.”

Iyer founded Canonical Crypto in 2021. He moved from traditional computing to crypto. He has worked with Microsoft as the company’s ambassador to the Silicon Valley developer community.

Iyer stated that he joined the company after seeing a growing interest among Silicon Valley friends in blockchain technology. He also started his own DeFi curriculum, and partnered with Pear VC to manage crypto and blockchain investments.

Canonical Crypto was created to support early stage blockchain developers. Iyer defined it as: “everything that may make engineers more productive,” from code collaboration to authenticating to privacy to storage.

Iyer believes that Web 2 developers use Amazon Web Services. Similar services should be separated for Web 3.

Canonical Crypto will invest in 40-50 startups with the initial fund. The cheques range from $250,000 to $500,000 to pre-seed and seed-stage investments.

The firm will offer operational assistance. It will help entrepreneurs determine how to tailor their tools for the right customers and develop a plan to go to market to get the solution to the right audience.

The fund has invested preliminary capital in several startups, including Form function in Solana. This is a non-fungible token exchange (NFT), which is located in Solana. Notifi and Thirdweb are low-code, decentralized software development platforms. Vybe Network is a data infrastructure solution.

Despite the fact that the bitcoin bear market hasn’t deterred venture capital investments, Canonical Crypto is establishing its first fund. A16z announced last Wednesday a $4.5 Billion fundraise to establish its fourth crypto fund. It broke all records in the industry.

Get latest news from African Startup ecosystem

Latest stories

You might also like...