Coinbase, Sino and Libra launch a $60m crypto fund

A new venture capital fund called Oak Grove Ventures has launched with $60 million to invest in the intersection of web3, artificial intelligence, and biotech.

According to a Sept. 19 Coindesk report, Oak Grove’s team includes Sally Wang, formerly of Sino Global Capital (a venture capital firm focused on blockchain technology), Ethan Wang (former tech lead at Facebook-backed digital currency project Libra), Shawn Shi (co-founder of crypto payment gateway Alchemy Pay) and Michael Li (former vice president at Coinbase).

“We understand that the journey of building groundbreaking technologies is not just about capital; it’s about fostering a community of visionaries, pioneers, and founders who share our passion for innovation. With this fund, our strategy is simple yet profound: to raise funds for the founders.”

Sally Wang, Oak Grove’s head of investments

Previously a family office that managed investments for a wealthy family, Oak Grove Ventures has a track record of notable early-stage investments. It supported over 30 projects, including SpaceX, the aerospace manufacturer founded by Elon Musk, and Neuralink, a neurotechnology company also founded by Musk.

The new $60 million fund comes as venture capital continues flowing into crypto and blockchain startups, despite recent volatility in the digital asset market.

Oak Grove aims to leverage expertise from the cryptocurrency ecosystem to identify promising opportunities at the intersection of Web3, AI, and biotech.