Quick take:
- BMAN Lee has teamed up with Huobi co-founder Jun Du to launch a $400 million Web3 fund.
- The two have launched ABCDE “A Blockchain-Centric Development Ecosystem” for Web3 builders.
- The fund will look to invest in 10-20 CEOs this year and up to 100 CEOs overall.
BMAN Lee and Jun Du have collaborated to launch a $400 million fund for Web3 builders. The two are some of the most prominent figures in the crypto space with Du co-founding cryptocurrency exchange platform Huobi Global, while BMAN is a core contributor to the developer community BeWater.
Announcing the launch of the fund on Twitter BMAN invited applicants projects to apply for consideration.
“Hit me up on B@ABCDE.com and telegram bmanfree if you wanna build something wild or join us to do something wonderful!,” he wrote.
Dubbed the ABCDE (A Blockchain-Centric Development Ecosystem) fund, BMAN said the project aims to invest in 10-20 CEOs this year, that focus on building blockchain infrastructure, open finance, and decentralised apps.
Overall, the fund will look to invest in 100 CEOs. Explaining what inspired him to launch the fund, BMAN wrote: “The flame of web3 is rising globally, but it also encounters cold winds. Builders are more powerful than any era, but they also need more support than ever.”
BMAN expects the crypto industry to reach 1 billion users in the next cycle (by the end of the next crypto rally, following the current pullback). Currently, the industry is estimated to have approximately 300 million users.
Jun Du is a prominent crypto entrepreneur in Asia and has also founded one of the largest crypto media outlets in Asia, Jinse Finance, as well as, co-founding blockchain SaaS company ChainUp, in addition to his pivotal role in Huobi.
On the other hand, BMAN co-founded Lijiaoshou in 2015, a leading content marketing company in China, which the local internet giant Baidu acquired in 2017. BMAN also claims to have advised and incubated over a dozen blockchain companies since 2013.
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