Old Fashion Research (OFR), an investment company founded by former employees of the Binance exchange, has raised enough investments to compete for market share in digital assets and Web3.
Founded in 2021 OFR announced about the launch of a cryptocurrency fund that will focus on the metaverse and the introduction of digital currencies in emerging markets.
According to one of OFR’s managing partners, Ling Zhang, the company is committed to long-term collaboration with metaverse designers. The main goal is to locate in markets, mainly traditional financial ones, since it is there that companies willingly seek to break into the crypto space.
The fund is the largest in the history of the young company. In the Old Fashion Fund, several legal entities have already become portfolio investors: the Nansen blockchain analytics platform, the MEXC Global and Woo cryptocurrency exchanges, and the second-tier Boba Network.
It is reported that the capital was received from partners, who are mostly venture capital funds, from traditional financial systems. According to Zhang, the industry is booming as more traditional businesses seek to develop into the crypto industry:
“More and more venture capitalists are looking for ways to invest in cryptocurrency projects. Digital currencies themselves are a revolution and destruction of the established financial system. The business model has ceased to be purely vertical.”
Earlier, Swiss asset management company Julius Baer revealed that it is interested in decentralized finance (DeFi) as it can address the shortcomings of traditional finance.
Source: Bits
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