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VC fund headed by former Binance strategy chief closes first fund at $50 million

Led by the former Binance strategy chief, Gin Chao, a collaborative initiative aimed at advancing early-stage investments within the realm of cryptocurrency startups has triumphantly concluded its maiden fund, amassing an impressive sum exceeding $50 million.

This trailblazing partnership between NoLimit Holdings and private equity powerhouse ClearVue Partners christened CVP NoLimit Fund I, formally concluded its fundraising journey on the 25th of July, as confirmed by a recent announcement.

For context, a report from October 2022 surfaced, revealing NoLimit’s endeavor to attract investors to contribute a substantial $100 million to the fund. The fund’s accomplishment at over half its intended target underscores the growing interest and support for innovative crypto startups

Gin Chao, a figure of significant repute within the crypto landscape, expressed gratitude for the resounding confidence placed in the fund by its partners. He acknowledged the diverse industries represented within the fund’s Limited Partner (LP) base and the tumultuous macroeconomic climate that framed its inception.

Chao elaborated further, highlighting the unique window this period has presented to channel investments into the compelling prospects that the current dynamic crypto market has to offer. As the broader financial landscape evolves, this collaboration seems poised to capitalize on burgeoning opportunities.

NoLimit’s distinct focus revolves around early-stage ventures, primarily centered on seed-stage agreements and strategic funding rounds. The fund’s financial commitments range from $250,000 to $3 million, showcasing its adaptability and willingness to support a wide spectrum of nascent projects.

Several remarkable investments have already been made under NoLimit’s watchful eye. Notable among these are Mysten Labs, Connext, Hogwarts Labs, Binance.US, and IQ Protocol. These strategic partnerships contribute to a growing portfolio that spans more than 20 projects worldwide.

As the fund embarks on its journey, the announcement indicates that it anticipates further enhancing its investment roster by backing an additional 20 projects over the upcoming year. This ambitious approach underscores the fund’s commitment to fostering innovation and driving the progress of the crypto ecosystem.

In an ever-evolving landscape that hinges on innovation, the successful closure of CVP NoLimit Fund I signifies a crucial stride toward strengthening the bridge between visionary startups and the financial support needed to bring their groundbreaking ideas to fruition.


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