The Arcanum Emerging Technologies Fund is to be the first of a series, with an initial close expected in late February, according to a company statement. The fund will provide seed and series A financing to blockchain firms in emerging markets, the companies said in a statement on Monday.
According to James McDowall, a founding partner at Arcanum, the fund is geared towards finding, supporting as well as incubating blockchain startups that are exploring decentralized finance (DeFi) and building on Web 3.0. The fund also hopes to tackle social issues in emerging markets, McDowall said.
“DeFi is hot right now. But there is a lot of financial inclusion to take place in India and other emerging markets, and that’s something we’re passionate about,” McDowall told CoinDesk.
The fund will initially