Crit Ventures USA announced on the 27th that it has invested $300,000 (approximately 400 million KRW) in the Web 3.0 company Girin Labs.
According to Crit Ventures, Girin Labs is developing the cryptocurrency wallet Girin Wallet, which natively supports Ripple (XRP), ranked 7th in global cryptocurrency market capitalization, and Ripple-affiliated sidechain tokens. Based on a strong partnership with the Ripple Foundation, the Girin Wallet will not only serve as the default wallet supporting Ripple and sidechain tokens but will also implement lending services and deposit reward systems within the wallet.
Lee Taeheon, CEO of Girin Labs, stated, “We will provide various services linked to wallets essential for the growth of Ripple and its related ecosystem, based on the strong support of the Ripple Foundation.”
Lim Yongmook, team leader at Crit Ventures USA, said, “Girin Labs was recognized for its technological capabilities to the extent that it was selected as the first investment target of the Asia ecosystem fund launched in June on XRP Ledger, one of the world’s largest Web 3 protocols. This project will provide ecosystem utilities to approximately 50 million Ripple holders worldwide.”
Meanwhile, Crit Ventures, now in its fifth year since establishment, has grown to a cumulative investment amount of 196 billion KRW and assets under management (AUM) of 260 billion KRW. It currently operates a total of six funds. In 2022, it established its U.S. branch, Crit Ventures USA, and has been focusing on blockchain investments by forming overseas funds.
Even during difficult market conditions, Crit Ventures invested in decentralized infrastructure management solutions such as Peaq, blockchain network infrastructure SAGA Chain, and Pudgy Penguins, which tokenized character intellectual property (IP) as non-fungible tokens (NFTs). Within two years of fund establishment, portfolio companies achieved significant results, including successful listings on major exchanges.
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