Quick take:
- Golden Equator Group has teamed up with Snoop Dogg’s son Cordell Broadus to launch a web3 fund.
- Dubbed Welcome To The Block (WTTB), the fund aims to raise $40-$50 million.
- It will invest in early-stage businesses in the blockchain and Web3 space.
Snoop Dogg’s son Cordell Broadus has launched a web3 fund. The ex-UCLA Bruins football player has teamed up with Golden Equator Group to launch a new fund dubbed Welcome To The Block (WTTB).
Golden Equator is a holding company focused on the fintech and technology space. According to CrunchBase, the company’s expertise includes venture capital, fund management and financial consulting services.
The two partners are looking to raise $40-$50 million for the fund to invest in ear-stage businesses operating in the blockchain and Web3 space.
Cordell was introduced to crypto by now deceased rapper Nipsey Hussle in 2017, urging Snoop Dogg’s scion to invest in digital tokens and virtual real estate.
And although the son of the person who now holds the street title of NFT kingpin was initially slow to act, he showed more interest in 2018 when the crypto market bottomed.
Cordell has established himself in the web3 space, with his father joining his long list of web3 clients. In an interview with Yahoo finance back in February, Cordell said: “My dad is actually my client. So it’s so amazing to work with him. You know he actually gets to follow my lead for once.”
And now, he has extended his footprint in the web3 space with a partnership with the Singapore-based investment management firm.
According to the announcement on Friday, Golden Equator is targeting centralised finance (CeFi), decentralised finance (DeFi) and Web3 infrastructure with the new fund. The group is specifically targeting highly scalable businesses with high growth potential and strong leadership.
The WTTB fund will explore both venture-style investments and pre-listing tokens of web3 projects. The group will also target attractive opportunities in listed tokens with high liquidity, Golden Equator wrote in a press release on Friday.
Commenting on the announcement of the new fund, Shirley Chua, founder and group chief executive of Golden Equator said: “The new technologies and innovations based on Web3 have the potential to offer society a financial world which is more inclusive, equitable and accountable – increasing efficiency, liquidity and more importantly, better support young people.”
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