Multi-strategy blockchain investment fund Old Fashion Research (OFR) has completed its first closing. Led by several former Binance executives, OFR invested in more than 50 blockchain projects in its first year.
According to an announcement, Old Fashion Research is now exiting stealth mode, in which it has been operating since its founding in late 2021. Since then, OFR put money into more than 50 companies in different markets, such as WOO Network, Genopets, Metaverso Magna, MetaDerby and ZetaChain.
The fund was founded by Ling Zhang, former vice president of mergers and acquisitions and investments at Binance, and Wayne Fu, former head of corporate development at Binace. Jiang Xin “JX”, who led the main investment operations of Binance Labs and Launchpad, heads the risk arm of OFR. Zhang said:
We are eager to find founders who share the same long-term vision and passion for the cryptocurrency industry, and we are determined to grow together with them.”
OFR raised funds from a number of major limited partners from inside and outside the cryptocurrency industry. The main investor is the Wemix gaming platform, backed by Wemade, the leading publicly traded gaming company. Other notable backers include Gang Wang’s family office, JUE Capital, who was the founding investor in DiDi and crypto wallet SafePal.
On May 25, Venture capital giant a16z announced the closing of its fourth cryptocurrency fund at $4.5 billion. The news came less than a year after Andreessen Horowitz announced the launch of his $2.2 billion Crypto Fund III.
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