Blockchain venture capital studio Draper Gorem Holm has announced plans to incubate Tezos-based startups as part of its $ 25 million venture capital fund, underscoring its belief in the smart contract platform.
The venture capital fund, called Fund 1, was launched in October 2020 to incubate emerging blockchain companies. Fund 1 is created as a traditional venture capital fund focused on emerging fintech and blockchain startups.
The inclusion of Tezos-based projects in the fund is not surprising given the company’s growing support for the smart contract platform. Draper Goren Holm already backs Tezos Stable Technologies, the team behind the USDtez stablecoin. The company has also invested in Kalamint, a Tezos-based NFT marketplace.
Tim Draper, the company’s special sponsor, described Tezos as the “leading platform for smart contracts and low power consumption” due to its reliance on a Proof of Stake Consensus, or PoS. .
Alon Goren, founding partner of Draper Goren Hold, said:
“We believe the differences in the Tezos blockchain, and the way it is governed, are monumental in moving blockchain verticals for the long term.”
Tezos was one of the most promising smart contract platforms in late 2019 and early 2020, but faded from the limelight amid the bull market. At $ 3.8 billion, XTZ is now ranked 32nd in terms of market capitalization, according to CoinMarketCap.