Old Fashion Research (OFR), Another Web3 Fund, Sets its Sights on Africa with $100 Million

The fund will be focused on the metaverse and bringing greater crypto adoption to emerging markets like Latin America and Africa.

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Old Fashion Research (OFR), a group of former executives from Binance, has become the latest initiative to launch its $100 million venture fund to help scale crypto projects in Africa and Latin America.

OFR was founded in late 2021 by managing partners:

  • Ling Zhang – Previously the vice president of M&A and investments at Binance
  • Wayne Fu – Former head of corporate development at Binance

The fund will be focused on the metaverse and bringing greater crypto adoption to emerging markets like Latin America and Africa.

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SEE ALSO: The Latest a16z Crypto Fund 4 Dedicates $1.5 Billion to Seed Investments for Crypto and Web3

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The capital was raised by limited partners, traditional VC funds, family offices, and angel investors, both inside and outside the crypto ecosystem, with global gaming platform, WEMIX, leading the investment, Zhang noted.

Up until now, the project was operating in stealth mode and has already invested in more than 50 blockchain projects to date, including:

  • Nansen – A Blockchain analytics platform
  • WOO Network – A trading platform
  • GenoPets – A move-to-earn NFT game
  • Metaverse Magna – A gaming community
  • NestCoin – A Web3-focussed investment company (Africa)

Zhang, who spoke to Techcrunch, said she noticed a growing interest of funds coming into the crypto space or new funds launching to invest in crypto after they saw the potential of blockchain technology and the crypto ecosystem.

“More and more VCs are looking for ways to invest in crypto projects.

Crypto itself is a revolution and disruption of the capital plate. It’s no longer centralized in a top-down approach.”

– Managing Partner, Old Fashion Research (OFR)

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RECOMMENDED READING: Swiss Investment Company, Crypto Valley, Launching Blockchain-Focused Accelerator for Africa

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