On May 26, Old Fashion Research (OFR), a multi-strategy blockchain investment fund, completed its initial close, which the company announced on Twitter. OFR, led by many former Binance employees, invested in over 50 blockchain initiatives in its first year. The company will use this investment to focus solely on the metaverse, including expanding crypto adoption in emerging markets.
According to an announcement, Old Fashion Research has left stealth mode, which it has been in since its establishment in late 2021. OFR has invested in over 50 firms in various marketplaces since then, including WOO Network, Genopets, Metaverse Magna, MetaDerby, and ZetaChain.
Ling Zhang, former vice president of mergers and acquisitions and investments at Binance, and Wayne Fu, former Binance director of corporate development, founded the fund. Jiang Xin “JX,” who managed major investment agreements at Binance Labs and Launchpad, is now in charge of OFR’s venture arm.
OFR raised funds from a number of prominent limited partners both within and outside the crypto sector, according to Zhang. The gaming platform Wemix is the lead investor, with backing from the publicly traded major gaming company Wemade. Other noteworthy sponsors include Gang Wang’s family office, JUE Capital, which was a founding investor in DiDi, and crypto wallet SafePal.
On May 25, venture capital firm a16z announced the closing of its fourth cryptocurrency fund, valued at $4.5 billion. Andreessen Horowitz announced the opening of its $2.2 billion Crypto Fund III less than a year earlier.
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