Road Town, BVI, July 20th, 2023, Chainwire
LBank Labs, at the forefront of blockchain venture funding, is delighted to share the news of its investment in Symbolic Capital. This strategic collaboration is poised to ignite innovation and provide robust support for the expansion of highly-scalable Web3 infrastructures worldwide.
LBank Labs, known for its protocol and exchange-agnostic approach, is committed to supporting projects through direct funding, acceleration, incubation, and extensive networking. With $100 million assets under management (AUM), the venture capitalist arm of global cryptocurrency exchange LBank has a strong track record of nurturing startups and helping them thrive. Besides direct investments in projects, the team aims to build a strong fund network via investing in global top funds to support portfolios from the network in both financial and resource value-add. Czhang Lin, IC board member of Labs, is also personally LPs to NGC, Blockchain Founders Fund and Lemniscap, where Eric He, Co-Founder of LBank is LP to SevenX Ventures fund I, II and FOF, and IOSG Ventures.
Symbolic Capital is a leading, thesis-driven venture capital firm co-founded by Sandeep Nailwal (founder of Polygon) and Kenzi Wang (partner at Borderless Capital). Rooted in the founders' own experiences of overcoming funding hurdles in their early days, Symbolic Capital places a special focus on identifying and accelerating the best blockchain founders. Even in the face of what some term a 'funding winter' for crypto, Symbolic Capital maintains its bullish outlook on the future of Web3, viewing it as the next evolution in the digital ecosystem.
Symbolic Capital’s Co-founder Kenzi Wang expressed his enthusiasm for the firm's future collaborations, stating, "At Symbolic Capital, we are excited to collaborate with LBank Labs as we work towards our shared vision of building the future of crypto. Our partnership allows us to continue supporting innovative startups in the Web3.0 ecosystem, especially those from emerging markets, and pave the way for the mass adoption of decentralized applications."
As investors, LBank Labs is committed to fueling the growth of highly-scalable Web3 infrastructures and empowering innovative startups worldwide. The strategic investment in Symbolic Capital solidifies LBank Labs' dedication to building the future of crypto and supporting the mass adoption of decentralized applications.
With $100 million assets under management, LBank Labs not only boasts substantial financial resources but also possesses an expansive global network. In return, Symbolic Capital will provide LBank Labs with significant value, harnessing their expertise, strategic insights, and innovative mindset to foster mutual growth and chart a course towards resounding success.
The venture fund also aims to forge its commitment by building a comprehensive network of Fund of Funds, designed to enhance the performance and diversification of its portfolios while emphasising the inherent value of its ecosystem network. Labs’ presence in seven global regions, including San Francisco, Dubai, Paris, Denver, Singapore, Mexico, and Shanghai, positions them as a powerhouse for fostering collaboration and innovation across borders.
About LBank Labs
LBank Labs, a prominent player in the web3 space, manages a versatile $100 Million fund that extends beyond specific protocols and exchanges. With a team of experienced web3 veterans from prestigious entities, they have built an extensive network of expertise and connections. Their investment strategy includes fund-of-fund investments, direct investments in early-stage projects, and liquid projects, enabling them to explore diverse opportunities. LBank Labs actively promotes their investment thesis, “The Other Angle,” through engaging discussions and focuses on the PSE principles to foster sustainable growth and innovation in the web3 landscape. With a Fund of Fund network comprising 12 funds and over $1 billion in AUM, and offices in seven global regions, LBank Labs is well-positioned to expand their network and drive innovation in the web3 ecosystem, together with their partners and collaborators.