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Billionaire Investor Tim Draper Launches Crypto Accelerator in Bear Market

2 mins
Updated by Kyle Baird
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In Brief

  • Tim Draper, Alon Goren, and David Bleznak launch Draper Goren Blockchain (DGB) amid bearish market conditions.
  • DGB plans to support crypto projects anticipating a surge of new users and institutions in the coming years.
  • Despite the bear market, the team plans to invest between $25,000 and $100,000 in pre-seed startups over the next decade.
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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.

BTC/USD 1 day. Source: BeInCrypto
BTC/USD 1 day. Source: BeInCrypto

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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Martin Young
Martin Young is a seasoned cryptocurrency journalist and editor with over 7 years of experience covering the latest news and trends in the digital asset space. He is passionate about making complex blockchain, fintech, and macroeconomics concepts understandable for mainstream audiences.   Martin has been featured in top finance, technology, and crypto publications including BeInCrypto, CoinTelegraph, NewsBTC, FX Empire, and Asia Times. His articles provide an in-depth analysis of...