The former Head of Venture Capital Investments Acquisitions at Binance, Bill Qian, told that he plans on raising more than $100 million through a new crypto venture capital fund during an interview with Bloomberg.

The collapse of FTX, once regarded as a crypto giant, led to the downfall of other major companies. The series of downfalls late last year made the whole market start doubting their funds’ safety, which led to losses all over. Venture capitalists (VCs) and retailers diverted resources away from the crypto market during the long winters. On the other hand, a lot of people, like Qian, rely on the power of Web3. 

Qian’s plans for Web3

Since leaving Binance in June, Qian has served as the chairman of Dubai-based Cypher Capital. Qian thinks that Web3-based startups must be supported, so he plans to invest in these startups. 

According to Qian, the crypto sector deals with a critical issue in terms of popularity. He stated that the large percentage of cryptocurrency is used for trading and gambling, so this circumstance creates hard times for the sector. 

Qian wants to change the popularity issue, so Cypher Capital is directed to consider investments in projects which can attract social media users’ attention toward Web3. According to Qian, these projects can make accepting cryptocurrency globally easy. 

Qian stated that he plans to approach Asian technology tycoons for support, but he did not reveal their names. 

He declined to reveal whether the fund has received any commitments, but said the bounce back in digital assets this year, which has seen Bitcoin rise by about 50%, is something that has made fundraising easier.

About Cypher Capital

Cypher Capital is an inter-crypto investment firm based in the United Arab Emirates (UAE), investing in a wide range of sectors, such as venture capital, nodes,  public markets, mining, and so on. The venture practice concentrates on initial Web3 infrastructure, protocols, and application investments.

Cypher Capital, with a team of ten employees, has hired Elaine Liu, a former executive at Tencent, to aid with its expansion efforts in the UAE. As part of its strategy to identify potential investment opportunities, the firm opened an office in Dubai Marina focused on virtual currencies and blockchain startups in November.