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DeFiance Capital has closed the first round of a $100 million liquid token fund after months of relative silence.
The Singapore based web3 venture capital fund raised an eight-figure amount according to The Block. One source claimed the initial raise was less than $50 million.
"A good mix of investors" reportedly backed the round, including crypto funds of funds and family offices.
DeFiance's liquid token fund targets tokens trading below venture round valuations. The company believes projects are even trading below their latest private round valuations; a situation exacerbated by the bear market.
"We believe that multiple crypto startups would have listed tokens with extremely favorable risk-reward profiles," a draft article written by DeFiance on liquid token investing and seen by The Block stated.
Crypto generally peak on unbridled optimism, bottom on hopeless pessimism.
— Arthur (@Arthur_0x) March 13, 2023
No better time to invest. https://t.co/xWeNHoidGw
Founder Arthur Cheong retweeted the news shared by The Block, adding "Crypto generally peak on unbridled optimism, bottom on hopeless pessimism [sic]. No better time to invest."
Read more: DeFiance Capital’s Arthur Cheong Answers DeFi’s Unanswered Questions
DeFiance Capital revealed the fund in September last year. Half of the $100 million had been committed but some commitments were reduced following FTX's collapse a couple of months later.
The firm had been linked to 3AC but Cheong claimed DeFiance was an independent investment fund. DeFiance is one of 3AC's creditors and is working with liquidators to retrieve assets worth "significantly more than $100 million."
DeFiance has remained relatively silent on Twitter over the past few months. Its most recent original tweet is dated 22 December 2022, when the firm stated "there is someone impersonating DeFiance Capital on Telegram. Please don't fall for it. We don't have any Telegram account."
The firm has since retweeted a shout out from its design partner Fordefi, a tweet from Noir Ventures, and news about DeFiance's funding round from The Block.
Blockhead has reached out to DeFiance Capital and Arthur Cheong for comments.
Read more: National Australia Bank Issues Ethereum Stablecoin, Makes First Cross-Border Transaction
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