“Investments will target early-stage incubation, venture capital, M&A and other special situations," according to OFR's official website.
On May 26, a group of former world’s largest cryptocurrency exchange platform Binance executives and managing associates of OFR launched a $100 million venture fund.
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Old Fashion Research (OFR) is a multi-strategy investment fund founded in late 2021 by managing partners Ling Zhang, ex-VP of acquisitions and mergers, and Wayne Fu, former head of corporate development at the crypto exchange Binance. As of now, Jiang Xin is in charge of OFR’s venture department.
Even though OFR was operating in the shadows until now, it has invested in more than 50 blockchain-related enterprises, including blockchain analytics tool Nansen, a free-to-play-and-earn game MetaDerby, the decentralized blockchain and smart contract platform ZetaChain, gaming community Metaverse Magna, exchange platform WOO Network, and non-fungible token game Genopets.
Zhang also implied that VC businesses, limited partners, family offices, and angel investors from both within and outside the crypto sector contributed to the funds, with global blockchain gaming platform WEMIX spearheading the investment.
We are keen to seek founders who share the same long-term vision and passion for the crypto industry, and we are determined to grow with them together.
According to Zhang, the main focus of the fund will be to explore the metaverse and increase cryptocurrencies’ acceptance in various developing countries such as Africa and Latin America.
As stated on OFR’s official website, the company will concentrate “on value-added investments where we can deploy our expertise, resources, and network to drive growth and success of ecosystems and their leading players.”
In other news, VC firm Andreessen Horowitz (a16z) announced that it would launch its fourth cryptocurrency fund estimated at $4.5 billion to support Web3 startups at every stage.
