The fund was established by Patrick Chang, an active angel investor in the cryptocurrency industry.
New crypto-focused deal financial resources company Dispersion Financial resources has launched a $40 Million fund focused on pre-seed and seed assets in Web 3.0 infrastructure projects. Limited partners backing the fund included the deal financial resources arm of USDC issuer Circle, enterprise-focused cryptocurrency company Ripple and Web 3.0 infrastructure giant Alchemy’s financing arm.
The fund is opening for business during an extended cryptocurrency bear market that has slowed assets in the space, though infrastructure projects have proven to be the most resilient sector.
“We’re looking for teams that are bridging today’s infrastructure gaps and building new standards for decentralized tech layers,” Patrick Chang, founder and managing partner of Dispersion Financial resources, wrote in an notice post. “Their work will make it possible to create and launch multi-chain, multi-currency, and multi-platform applications. We want to find and fund the fundamental tech layers that make this possible.”
Chang informed TechCrunch that Dispersion Financial resources has already deployed about 10 percent of fund
In his post, Chang pointed out that deal financial resources money poured into the cryptocurrency industry in 2021, and the focus was on the so- was known app layer of Web 3.0, or decentralized applications (dapps) that helped onboard users into areas such as non-fungible crypto tokens (NFTs) and decentralized finance (DeFi). As the bull market gave way to the bear, cryptocurrency infrastructure was found wanting.
“Web3’s foundational layer wasn’t (and still isn’t) ready for billions of users,” wrote Chang.
Chang’s work history straddles Web2 and Web 3.0, reports by his LinkedIn. He previously headed blockchain tech assets for Samsung Next and has backed a number of cryptocurrency corporations as an angel investor, including Alchemy, Dapper Labs and Space and Time.