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Venture Capital Crypto Fund C1 Eyes Australia for Bargains: Report

The Australian Financial Review reports that C1 Fund, a Venture Capital crypto fund, has been engaging with several Australian businesses, expressing interest in acquiring private holdings from investors.

C1 Fund, a substantial $500 million fund, is managed by a team of investors with a presence in Silicon Valley and the United Arab Emirates. The management lineup consists of co-founders Dr. Najamul Kidwai, Michael Lempress, Michael (Xu) Zhao, David Hytha, and Cheriyl Lakshmy. This fund focuses on investments in blockchain, crypto, and Web3 companies.

According to the Australian Financial Review, investment managers from C1 Fund have reportedly been actively engaging with blockchain-based gaming firm Animoca Brands and Chainalysis in Australia, proposing the acquisition of private holdings from investors at a discount ranging from 50% to 80% based on their last valuation. The report suggests that C1 Fund has expressed its intention to provide funding in the range of $20 million to $50 million for such businesses.

However, C1 co-founder Dr. Najamul Kidwai has denied these claims, stating to CoinDesk, “C1 did not authorize this article, and we have not met with either company directly as of this time.”

State of VC Funding in Crypto

Thus far, it has been a subdued year for venture capitalists in the cryptocurrency space. Since the onset of the crypto winter in 2022, there has been a notable decline in activity. According to FundStrat, venture capital funding for crypto firms has contracted for a sixth consecutive quarter, amounting to $1.4 billion in Q3 2023. Additionally, the number of individual deals has seen a significant 30% reduction, totaling 214 transactions during this period.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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