Chorus One, a cryptocurrency staking company, has launched a USD 30 million venture fund to invest the funds it has collected after a successful year of staking businesses.
At the peak of the market late last year, Chorus One managed USD 6.5 billion in assets across 28 blockchain networks and protocols. The company has an estimated annual sales of USD 30 million. Since then, the price of proof-of-stake tokens has fallen, reducing its AUM (assets under management) and revenue, but the company has still made a profit.
Chorus Ventures is a USD 30 million fund focusing on decentralised protocols, mostly in sectors known to the staking company. Rather than seeking outside funds, the fund will instead invest in its own fund. It will be managed by Xavier Meegan, Chorus One’s research and ventures lead.
The fund will concentrate on three main topics across various blockchains. The first is staking, which includes liquid staking protocols like Quicksilver, as well as protocols that make it easier for people to stake in other ways, like by making it easier for people to get into crypto governance.
Other staking businesses have also invested in blockchain protocols, utilising their expertise from working closely with industry standards. Figment, for example, will launch Figment VC in September 2021. JPK Capital led a USD 17.5 million financing into its venture capital arm for investment purposes.
