Crypto VC Lemniscap raises $70m fund to back web3 startups

Crypto-focused venture capital firm Lemniscap has announced a $70 million fund to support startups in the nascent web3 ecosystem.

According to Lemniscap, the new fund will be anchored by Accolade Partners, a fund of funds focused on early-stage VC. Accolade also specializes in growth equity and blockchain fund investments.

Lemniscap plans to use the $70 million fund to back early-stage Web3 founders, according to a press release published on Aug. 28.Areas of focus across the blockchain ecosystem will include zero-knowledge infrastructure, decentralized physical infrastructure, the Bitcoin (BTC) ecosystem, and phygital. DePIN and ZK are increasingly key ecosystems in the market.Ethereum (ETH) founder Vitalik Buterin shared his latest thoughts on ZK, noting that one “fascinating initial use case” for this technology are airdrops.