Two blockchain entrepreneurs have launched a new cryptocurrency fund designed to power promising Web 3 startups, sending a strong signal that venture capital is looking to the next decentralized internet builders.
On Friday, Kevin Chou and Mahesh Vellanki unveiled SuperLayer, a crypto studio that creates Web 3 projects directly on the Rally network, a crypto-social platform that allows creators and artists to launch their own digital currencies. The risk study will launch projects internally before hiring product managers to further develop the business.
In particular, SuperLayer has been endorsed by well-known investors, including Marc Andreessen of the venture capital firm Andreessen Horowitz, Chris Dixon, Paris Hilton, Nas, Michael Ovitz, Carter Reum and others. Initially, SuperLayer will deploy $ 25 million in initial investments and will continue to raise funds on an ongoing basis.
Kevin Chou appeared in The Cointelegraph Top 100 for 2020 in the adoption category. Before co-founding Rally with his colleague Mahesh Vellanki in 2018, Chou ran Kabam, an esports game company that sold for $ 1 billion in 2017.
Related: Crypto Platform Rally Commits $ 12 Million To Third Party Developers
Marc Andreessen's Andreesen Horowitz has been behind some of the biggest rounds of crypto funding. As Cointelegraph reported, blockchain platform Alchemy recently concluded a $ 250 million Series C investment round which was run by the Silicon Valley venture company. Earlier this year, the firm launched the the largest cryptocurrency venture fund valued at $ 2.2 billion.
As Cointelegraph reported, Andreesen's crypto fund recently recruited two prominent Facebook engineers to join the firm as CTO and CIO, respectively. Facebook, meanwhile, has renamed to Meta, reflecting their growing ambitions beyond social media and on the Web 3 and augmented reality experiences.
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