Lightspeed Venture Partners—the venture capital firm behind Snap—has been planning on starting a new cryptocurrency project and it is set to be a first for established venture capital firms. The firm is planning on setting up a fund that is within an even bigger fund to be used exclusively for cryptocurrency investments.
The final plans, however, are not yet set in stone and are subject to changes. In fact, there two other options being considered.
The firm’s second option would be to create a whole new fund. This new fund would focus exclusively on cryptocurrency investments.
The third option would be for Lightspeed general partner Aaron Batalion to step down as a partner in the existing funds and launch his own cryptocurrency project separate from the Lightspeed brand.
The firm has seen internal deliberations taking place on how exactly the cryptocurrency project should play out and these deliberations are but a mirror of almost every other top-tier firm in the Silicon Valley.
According to a Lightspeed spokesperson, the firm has been investing in the FinTech space for several years now and blockchain tech is a “huge area of interest” for the firm. However, they have yet to have anything final to announce regarding the cryptocurrency project.