Financial behemoth VanEck has announced the launch of a VC fund, which focuses on cryptocurrencies and artificial intelligence (AI).Â
The $30 million early-stage fund will offer financial support to “visionary founders” in the aforementioned fields.Â
Notably, the fund has already made its initial investments that have not been publicly unveiled just yet.Â
The fund will be spearheaded by former Circle employees Juan Lopez and Wyatt Lonergan.
Lonergan, general partner at VanEck, claims that the combination of crypto and AI is “creating unprecedented opportunities.”Â
The fund’s financial contributions could reach as much as $1 million, according to the company’s press release. VanEck is particularly interested in consumer and B2B payments, decentralized finance, on-chain capital markets, and other sectors of the cryptocurrency industry. Â Â
In a series of social media posts, Lonergan stated that his crypto journey started back in 2018. “After spending some time with the VanEck team, it was clear that Juan and I could build something really special here,” he said.Â
“Hello, VC World”Â
VanEck, which was founded all the way back in 1955, is considered to be a trailblazer in global investing.Â
The firm has long had a strong presence in the cryptocurrency industry. Before launching the early-stage VC fund, it launched multiple ETFs and ETPs. Â Â
Earlier today, VanEck stated that the cryptocurrency industry was at a crossroads, with trust eroding due to many VCs chasing short-term gains. According to VanEck, the cryptocurrency industry is in “dire need” of accountability and conviction.Â
“Despite shaky sentiment and regulatory migraines, we’re not backing down. We believe this technology will reshape the financial system and beyond,” the company stated.  Â
