Old Fashion Research, a venture capital firm created by former Binance workers, announced the opening of a new crypto fund on May 26th, in the middle of the market’s current collapse. The fund, which has $100 million at its disposal, will concentrate its efforts on metaverse investments and the expansion of crypto enterprises into growing regions like Latam (Latin America).
We are happy to announce the launch of $100M multi-strategy fund. OFR is dedicated to helping build the next generation of Web 3.0 dApps and protocols.https://t.co/17rjMwQIhf
— Old Fashion Research (@ofrfund) May 26, 2022
Old Fashion Research establishes a $100 Million fund
Despite the recent recession in several economies whether it is traditional or crypto sector, some corporations are still investing in cryptocurrency initiatives and remain hopeful about the industry’s future. One of them is Old Fashion Research (OFR), a startup business founded in 2021 by former Binance workers.
The Old Fashion Research, whose name is inspired by a well-known cocktail was created in late 2021 by managing partners Ling Zhang, who was formerly the vice president of M&A and investments at Binance, and Wayne Fu, the crypto exchange’s former head of corporate development.
The organisation has revealed the establishment of a new crypto-based fund focused on the metaverse and expanding crypto acceptance to growing areas such as Latam (Latin America).
Ling Zhang, one of OFR’s managing partners said,
“We are excited to engage with builders in the long term. We are mostly concerned with the Southern Hemisphere. We will pursue all emerging markets, but it is our ambition and desire to drive adoption in China.”
Old Fashion Research on current difficulties
The fund is the largest fund that the business has created. Old Fashion Research, on the other hand, includes blockchain analytics platform Nansen, cryptocurrency exchanges Woo and MEXC Global, and blockchain Layer 2 groups like Boba Network on its portfolio holdings website.
The fund’s resources were gathered through limited partners, traditional VC firms, family offices, and angel investors. According to Zhang, the crypto sector is booming as more and more organisations get interested in the field’s progress.
Old Fashion Research offers its own opinion on the crypto industry’s current difficulties. According to Jiang Xin, another partner at the organization, the present scenario is favorable for VCs looking to enter the industry since projects offer lower and more fair values. This is the ideal moment for the organisation to make investments and foster new ventures.
