$50M Psalion Fund Targets Blockchain Startups as Web3 Adoption Accelerates

Singapore-based digital asset firm Psalion has launched its third and largest venture vehicle, a $50 million fund aimed at backing blockchain startups in various sectors. The new fund will target early-stage founders building blockchain infrastructure, real-world asset platforms, stablecoin systems, and decentralized finance applications.

Psalion's Managing Partner Tim Enneking stated that the firm's strategy of launching funds during market downturns remains unchanged. 'Some of the best opportunities arise in down markets,' he said. 'Valuations are more reasonable, founders are more focused, and the builders who show up are in it for the long term.'

The fund will also look at consumer-facing products that quietly power ownership, transactions, and digital interactions with Web3 technology.

In a separate announcement, Psalion said its VC Fund III has made its first disclosed investment, leading a $4 million round for Beezie, a commerce platform blending ownership, anticipation, discovery, and liquidity to turn transactions into experiences. Beezie has recorded more than $170 million in gross merchandise value since launch and surpassed $85 million in year-to-date revenue, growing more than 50-fold in nine months.