Digital Currency Group (CDG)-owned cryptocurrency exchange Luno has established an investment arm, called Luno Expeditions, that it plans to use to invest in fintech, cryptocurrency and Web3 start-ups.
Luno, which has its origins in South Africa and which has a big operation in the country, plans to make 200 to 300 investments annually through Luno Expeditions.
Building on DCG’s seven years in early-stage crypto investing, Luno Expeditions will now lead all of DCG’s early-stage investing (seed and pre-seed funding).
The team will be led by Jocelyn Cheng as CEO. Although Luno Expeditions is still new, it has already invested in about 20 crypto and fintech initiatives in the US as well as in a bank dedicated to women in Pakistan.
DCG founder and CEO Barry Silbert and Luno co-founder and CEO Marcus Swanepoel are both closely involved in the initiative and will be part of the investment committee.
“We know how hard it is to build a company, especially in the fintech space, and with our deep experience building, scaling and operating fintech businesses in some of the hardest markets in the world, we’re looking to support a new generation of entrepreneurs from all over the world to do the same,” said Swanepoel in a statement. – © 2022 NewsCentral Media
