Tim Draper has unveiled a new crypto venture studio and accelerator as the billionaire investor seeks to defy the bear market blues. Draper Goren Blockchain (DGB) aims to accelerate DeFi innovations, among others.
On September 20, Tim Draper, Alon Goren, and David Bleznak unveiled their new incubator. The accelerator is focused on web3, crypto, and blockchain “in the midst of the bear market.”
Tim Draper Does Some Bear Market Building
Draper Goren Blockchain (DGB) is a venture studio and general partnership focused on accelerating crypto startups, according to the announcement.
Bitcoin bull Draper is no stranger to investing in crypto and blockchain. He is also known for known for early investments in Coinbase, Robinhood, Tesla, Skype, and others.
Moreover, he has made some grand price predictions calling for a $250,000 BTC in late December.
Speaking about his new venture, Tim Draper said:
“It’s a cliche that bear markets are a time for builders to build, but that means there are incredible projects currently being developed that are in need of capital and support.”
DGB aims to amplify crypto projects that are advancing the industry in “anticipation of an influx of millions of new users and institutions in the coming months and years,” he added.
Founding partner Alon Goren said,
“We’ve been backing Bitcoin and crypto founders for many years now and intend to be here for the long haul.”
DGB’s third partner, David Bleznak, who was recently at Coinbase, added:
“We’re particularly excited about innovations in DeFi, blockchain Layer-2 infrastructure, and consumer applications in gaming, social, and more,”
The team plans to spend the next ten years working with web3 firms. It will invest between $25,000 and $100,000 in pre-seed startups during this period.
Previously, Draper’s venture studio, Draper Goren Holm, launched a $25 million blockchain fund back in 2020.
On September 16, he announced the launch of Draper Nation, what appears to be an ambitious metaverse project.
Crypto Market Outlook
Despite the billionaire’s bullish outlook, crypto markets are still deep in bearish territory. As a result, total market capitalization dropped 1.6% on the day, falling to $1.09 trillion.
Bitcoin had retreated to $26,615 at the time of writing after shedding 1.6% on the day.
Meanwhile, Ethereum was back below $1,600, having lost 1.8% over the past 24 hours.
The altcoins were a sea of red. However, most of the high-cap coins limited their losses to around 2%.
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