Tim Draper Launches Crypto Venture Studio and Accelerator
Billionaire investor Tim Draper has introduced a new crypto venture studio and accelerator called Draper Goren Blockchain (DGB). The initiative aims to support and accelerate the development of crypto startups, particularly those focused on DeFi innovations. Despite the current bear market conditions, Draper believes it is an opportune time for builders to create innovative projects that require capital and support. DGB plans to invest between $25,000 and $100,000 in pre-seed startups over the next decade. This is not Draper’s first venture in the crypto space, as he has previously invested in companies like Coinbase, Robinhood, Tesla, Skype, and more.
Crypto Market Outlook
While Tim Draper remains bullish on the crypto market, the overall sentiment is still bearish. At present, the total market capitalization has dropped by 1.6% to $1.09 trillion. Bitcoin is currently priced at $26,615 after a 1.6% decline. Ethereum has also fallen by 1.8% and is trading below $1,600. Although many altcoins have experienced losses around 2%, there is a general downward trend in the market.
Hot Take: Tim Draper Continues to Support Crypto Innovation
Billionaire investor Tim Draper’s launch of the crypto venture studio and accelerator, Draper Goren Blockchain (DGB), demonstrates his commitment to fostering innovation in the crypto industry despite the current bear market conditions. DGB aims to support startups working on DeFi innovations and other advancements in preparation for an anticipated increase in users and institutions entering the space. With investments ranging from $25,000 to $100,000 over a ten-year period, DGB seeks to provide capital and support to promising projects. Draper’s track record in the crypto space, including investments in Coinbase and Tesla, further reinforces his dedication to the long-term success of the industry.
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