Legendary Silicon Valley venture capitalist Tim Draper is launching a new venture studio for crypto.
What’s happening:
- Tim Draper is launching a new venture studio and accelerator for crypto startups called Draper Goren Blockchain
- Joined by crypto veterans Alan Goren and David Bleznak the new venture studio will focus on backing early stage projects with between $25K-$100K in seed capital
- They will also selectively partner with founders to incubate new startups across layer 2 projects, DeFi, gaming and more
Why it matters:
- Tim Draper has been a notable advocate for Bitcoin and crypto for many years
- Venture studios and accelerators play a very important role in the crypto ecosystem, especially for launching ambitious startups that don’t yet have meaningful traction to attract larger venture funds and institutional capital
The intrigue:
- More than a decade ago Tim Draper famously purchased 30,000 Bitcoin from the United States government in an auction for $18M USD
- That position would be worth approximately $780M USD at current Bitcoin prices
