Kraken Ventures will receive financial backing from the exchange, but will operate as an independent fund.
According to the company’s announcement, the Kraken Ventures team will be led by three senior leaders from Kraken — Brandon Gath, Kirill Gourov, and Akshi Federici.
“We will take a hands-on approach with our portfolio companies to provide guidance, new commercial opportunities, and additional capital support,” said Brandon Gath, the head of corporate development at Kraken.
The fund plans on assisting a wide range of projects. Aside from cryptocurrency companies and protocol, the fund will invest in companies working in fintech, DeFi, AI, machine and deep learning, and cybersecurity.
Companies in Kraken Venture’s portfolio will receive investments that range between $250,000 to $3 million, as well as access to tools and experts provided by the fund.