Tech journal Recode reported last May 17th that the venture capital firm that helped launch Snapchat is looking at ways to increase their investment profile in the crypto industry.
Aaron Batalion, a partner at venture capital firm Lightspeed, is reportedly leading an effort to boost crypto investments for the firm. The initiative is to explore three possible methods: setting up a new fund, carving out a portion of an existing fund, or launching an entirely new project, Recode reported, citing “sources”.
According to Recode’s report, Lightspeed is more inclined toward carving out part of an already existing fund for crypto investments rather than setting up a new fund, something they have been considering over the past months.
Recode added that Batalion may not want to wait and is reportedly considering leaving the firm to launch his own crypto-focused project. Citing a source close to Batalion, Recode reports that Lightspeed is prepared to financially back the new potential project.
Batalion is far from the only partner at Lightspeed interested in crypto. Jeremy Liew, who led the push to invest in Snapchat and a bullish bitcoin supporter, was part of Lightspeed’s backing of Blockchain.com’s initial funding back in 2014
Lightspeed’s interest in crypto is shared by other traditional VC firms. Comcast Ventures and the Rockefeller family’s venture capital arm Venrock are reportedly making their own moves into the crypto space.