Switzerland-based blockchain fund Pangea has made its debut in the sector by securing $22 million in the seed round.
According to the February 27 announcement, Pangea has attracted the attention of a lot of well-known personalities in the industry including the angel investor and creator of Bitcoin Cash Roger Ver.
Other notable investors include Financial Market Supervisory Authority-regulated (FINMA) company Copernicus Asset Management, which is also acting as investment manager for the fund.
Commenting on the massive funding round, James Duplessie, co-founder of Blockchain Investment Advisory Sagl and the fund’s Swiss-based investment advisor, said: “Blockchain technology has the potential to change the nature of the systems that lie beneath the things we do every day and could be the greatest driver of value creation in our lifetime.”
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No to Crypto Investments
Pangea is focusing to boost “transformative” blockchain startups around the globe with early-stage capital and other resources. The fund, however, made it clear that it is not going to invest in digital currencies and will confine its reach only to “commercial and industrial applications” of blockchain technology.
“Our team’s investment thesis is based on the profoundly important reality that blockchain will fundamentally alter the way society collaborates, transacts, governs and brings new concepts to life. We have chosen the name ‘Pangea’ for our business – because it means ‘whole earth’ – highlighting our intention to use blockchain as a means to provide unifying and transformative change to the world,” Duplessie added.
Alongside Blockchain Investment Advisory Sagl, US-based Blockchain Investment Advisory LLC will work as the sub-advisor for the fund.
Meanwhile, the Swiss blockchain advisory is also launching a blockchain incubator – Ticino Labs – in the coming months.
“Blockchain represents a new paradigm for the way information is shared, and the use cases for a transparent, verifiable register of data transactions are endless,” said Maggie Rokkum-Testi, chief investment officer of Copernicus. “This technology will touch and transform every industry, from energy and public utilities to retail and healthcare. Due to its unique investment strategy and diverse understanding of both traditional and non-traditional markets, the Advisory teams are uniquely equipped to understand and capitalize on an opportunity of this magnitude. We’re excited to be early partners and to play an active role in fostering the individuals and companies designing these new economic, social and political systems.”