The Rockaway Blockchain Fund, a traditional VC focused on investments into blockchain technologies, is announcing investment into the 1inch.exchange – leading aggregator of decentralized exchanges.
After several months of preparations, Rockaway Capital Investment Group has completed all formal steps to launch a new fund dedicated purely to blockchain projects. One of the first investors in the new Rockaway Blockchain Fund is TechCrunch founder Michael Arrington. The fund aims to raise $100 million over the next two years and become the largest blockchain fund in Europe.
“Our fund has is being launched at a time when the whole world is recovering from the coronavirus. The new situation has accelerated the growth of blockchain solutions, primarily in financial services,” says Viktor Fischer, referring to several trends that emerged during the crisis. One is the fact that the volume of dollars spent on blockchain solutions increased by 53 % compared to the pre-crisis period, to a total value of $10 billion. Another parameter that increased dramatically was the number of cross-border payments, by a third compared to the pre-crisis period. ”Adoption of new technologies accelerated, with people naturally preferring cheaper, faster, and easier options for buying dollars or transferring money than using traditional banks. To use blockchain financial services, all you need is a smartphone and an internet connection,” explains Viktor Fischer, head of the Rockaway Blockchain Fund.
The growing importance of blockchain solutions as an alternative to current systems is also confirmed by growth in added value generated by blockchain technology, where forecasts anticipate a 300-fold increase in the market over the next ten years to $3.1 trillion in 2030.
The new fund intends to create a portfolio of 40 projects and eight venture capital funds within four years. By investing in other, otherwise closed-end funds, Viktor Fischer hopes to increase the chances that picks the key project out of the many emerging blockchain projects, a “unicorn” in investment terminology: “Investing in blockchain startups is complicated; even the most efficient teams are only able to invest in one to two projects a month, so investing in top venture capital funds will increase the number of companies we can invest in.” Immediately following its launch, Rockaway Blockchain Fund is investing in four US closed-end funds.
The Fund does not invest in speculative purchases of cryptocurrencies, but rather in companies that use decentralized blockchain technologies to automate and accelerate financial services. These include services such as instant and cheap cross-border payments, e-commerce payment methods, loans, derivatives trading, or insurance companies.