Psalion Launches $50m Blockchain Fund in Down Market

Psalion, a global digital asset investment manager, has launched its third and largest venture fund to date. The new USD 50 million vehicle aims to back founders bringing blockchain into the real economy across various sectors, including infrastructure, middleware, trade finance, and decentralized finance (DeFi).

'Crypto was the thesis. The traditional financial system was the antithesis. What we're investing in is the synthesis - where web2 businesses run on web3 rails,' said Tim Enneking, Managing Partner of Psalion.

The new fund will focus on pre-seed and seed stage companies with an eye on consumer applications where web3 rails are reshaping how people own, trade, and interact with assets. The fund is structured as a Singapore-domiciled Variable Capital Company (VCC), managed by Conduit Asset Management Pte. Ltd., which is licensed and regulated by the Monetary Authority of Singapore.

Psalion has no intention of changing its habit of launching funds in down markets, where 'some of the best opportunities arise.' The firm's previous two funds both launched during challenging market conditions.