BitMEX Launches VC Division, “BitMEX Ventures,” Mirroring Coinbase, Huobi

Justine Pope

BitMEX, the world’s largest Bitcoin derivatives exchange, is launching their own VC division, according to The Block. Led by Kumar Dandapani, a former partner at the quant research firm Nth-Degree Analytics, BitMEX joins Huobi, Coinbase, and Binance in the group of exchanges diving into VC. BitMEX has not officially announced its new endeavour and it is yet to be confirmed.

BitMEX and VC

Although the rumours are unconfirmed, BitMEX has previously diversified into venture capital. Last month, CryptoGlobe reported that BitMEX was an investor in Blockfolio, the cryptocurrency portfolio tracking app. In their recently completed Series A financing round, Blockfolio raised $11.5M, receiving investment from BitMEX, Huobi, and other prominent cryptocurrency funds.

One member of BitMEX Ventures is Maxim Wheatly. His LinkedIn profile records that Wheatley has been working at BitMEX since September, as head of venture development. His role is to lead “global seed-stage investment and partnership activities," a title which would suggest increasing VC interest from BitMEX.

Other Exchanges and VC

BitMEX is not the first cryptocurrency exchange to diversify into venture capital, and it’s no surprise that the Seychelles-based exchange giant is joining the VC space. Previously, the United State’s favorite exchange, Coinbase, launched Coinbase Ventures, a VC group that has so far invested in more than 20 cryptocurrency companies.

Huobi has also joined the venture capital scene. Earlier this year, it was announced that they would be launching a $1 billion fund for Chinese blockchain companies. Called Huobi Labs, this fund would not only be a VC firm, but also an incubator, helping expand China’s influence throughout the cryptocurrency industry.

Finally, exchange giant Binance has created Binance Labs, a cryptocurrency incubator that will give startups $500,000 in exchange for a 10% equity share. Binance is also one of the only exchanges to complete a public acquisition, when in July it purchased Trust Wallet, a mobile Ethereum wallet and dApp browser. 

$1.5 Billion Hedge Fund Ulysses Capital Invests in NULS (Again)

NULS, a blockchain designed to enable customizable modules and cross-chain operability, has secured investment from Ulysses Capital, a Los Angeles-based family office managing roughly $1.5 billion worth of assets.

Commenting on his fund’s investment in a blog post published by NULS was Joon Lee (Fund Manager, Ulysses Capital), who praised NULS’ “strong technical team” for sticking to their roadmap; something “we don’t often see” occur in the crypto space, he added.

If anyone was to know how diligently NULS abides by their roadmap, it would be Ulysses Capital. Indeed, the investment into the enterprise- and developer-focussed blockchain project was not the first for the long/short hedge fund.

It was only last October when Ulysses Capital – who at the time had “recently established a crypto fund to invest in cryptos and blockchain companies” – invested directly into NULS’ same-named cryptocurrency.

For Ulysses Capital, the initial investment into NULS doubled as a strategic partnership. According the October announcement, Lee shared his fund’s intention was to “build a win-win relationship with [NULS] by creating more opportunities for NULS in the future.”

NULS Seeing A Lot of Investment

Notably, Ulysses Capital is not the only crypto-specific fund in recent times to have seen potential value in NULS. Late last month, BlockGroup, the parent company of the BlockVC, announced their investment in NULS through its newly established $200 million crypto fund. As was the case with Ulysses Capital and their crypto-specific fund, NULS represented the first investment by BlockGroup’s.

As for how NULS is tracking as a project, the team is currently testing their recently released alpha version of NULS 2.0. Promisingly for investors such as Ulysses Capital and BlockGroup, NULS revealed in today’s investment announcement it “has multiple enterprises and individuals participating in the 2.0 alpha test and is currently considering additional participants to join the environment.”

Announced last November, NULS 2.0 represents a “new modular architecture enhanced with microservice suites, that have no programming language limitations.” Prompting the design overhaul was the core team’s realization that, whilst NULS 1.0 achieved “the modular effect at the coding paradigm level,” it was far too constraining for developers. For CryptoGlobe readers wanting to learn more about the benefits of NULS 2.0 – especially as it relates to NULS 1.0 – we recommend reading this detailed blog post.