- Tim Draper, Alon Goren, and David Bleznak have launched Draper Goren Blockchain (DGB) despite the current bear market.
- DGB aims to support projects advancing the crypto industry in anticipation of a surge in users and institutions in the coming years.
- The team intends to invest between $25,000 and $100,000 in pre-seed startups over the next decade.
Renowned venture capitalist Tim Draper has announced the launch of a new crypto venture studio and accelerator in an effort to fight the bear market blues. Draper Goren Blockchain (DGB) aspires, among other things, to accelerate DeFi advancements.
Tim Draper, Alon Goren, and David Bleznak announced their new incubator on September 20. The accelerator focuses on web3, cryptocurrency, and blockchain “in the midst of the bear market.”
Tim Draper Building During a Bear Market
According to the official announcement, Draper Goren Blockchain (DGB) is a venture studio and general partnership focused on accelerating crypto companies.
Draper is no stranger to investing in cryptocurrency and blockchain. He is also well-known for his early investments in Coinbase, Robinhood, Tesla, Skype, and other companies.
Furthermore, he has made some bold price projections, like a $250,000 BTC in late December.
Tim Draper stated about his new venture: “It’s a cliche that bear markets are a time for builders to build, but that means there are incredible projects currently being developed that are in need of capital and support.”
DGB intends to promote cryptocurrency projects that are improving the sector in “anticipation of an influx of millions of new users and institutions in the coming months and years,” he added.
Alon Goren, a founding partner, stated, “We’ve been supporting Bitcoin and cryptocurrency founders for many years and plan to be here for the long haul.”
David Bleznak, DGB’s third partner and a former Coinbase employee, added: “We’re particularly excited about innovations in DeFi, blockchain Layer-2 infrastructure, and consumer applications in gaming, social, and more.”
The team intends to work with web3 enterprises for the next ten years. It will invest between $25,000 and $100,000 in pre-seed firms during this time.
Draper Goren Holm, Draper’s venture studio, previously launched a $25 million blockchain fund in 2020. He announced the birth of Draper Nation, an ambitious metaverse project, on September 16.
Outlook of the Crypto Market
Despite the billionaire’s optimistic view, crypto markets remain profoundly bearish. As a result, total market capitalization dropped 1.6% on the day, falling to $1.09 trillion.
Bitcoin had fallen to $26,484 at the time of writing, while Ethereum had dropped below $1,590, losing 0.2% in the previous 24 hours.
The alternative coins are a sea of crimson. However, most high-cap coins managed their losses to less than 2%.
