Golden Equator to launch Web3 fund with Snoop Dogg’s son
GOLDEN Equator Group has partnered with Snoop Dogg’s son Cordell Broadus to set up a Web3 fund named Welcome To The Block (WTTB).
Slated to be launched by end-2022, the fund aims to raise US$40-50 million to invest in early-stage businesses in the blockchain and Web3 space.
In a press statement Friday (Sep 23), the Singapore investment holding group said it intends to invest in the key areas of centralised finance, decentralised finance and Web3 infrastructure. Target businesses should be scalable, financially viable and have high growth potential under strong founding teams, said the group.
The WTTB fund will make venture-style equity investments into Web3 businesses; invest in pre-listing tokens of Web3 projects; as well as invest in listed tokens with high liquidity. It will only be offered to “a select group of accredited investors who bring value to the (Web3) ecosystem and with interest in the media and entertainment sector”.
WTTB will be managed under the group’s subsidiary Golden Equator Capital, which holds a capital markets service licence for fund management issued by the Monetary Authority of Singapore.
“The new technologies and innovations based on Web3 have the potential to offer society a financial world which is more inclusive, equitable and accountable – increasing efficiency, liquidity and more importantly, better support young people,” said Shirley Chua, founder and group chief executive of Golden Equator.
“As a young Web3 entrepreneur, Cordell is a partner who embodies the opportunity Web3 can offer and relates to the people we wish to empower, inspire, and educate to help elevate understanding and adoption of Web3 applications,” she added.
Broadus, also known as Champ Medici, is the owner of Bored Ape NFT (non-fungible token) Champ Medici.
His partnership with Golden Equator was facilitated by Gushcloud International co-founder and group chief executive Althea Lim, who will also join the bench of leaders that will be part of WTTB’s fund ecosystem. Read full story here.