Draper Goren Holm has debuted a $25 million venture fund for promising fintech and blockchain startups. It invests in companies globally, its stated focus is now more on European markets, with a new office opening in Vienna in December.
“Europe is becoming a major hub for fintech, and more specifically, blockchain innovation,” said Josef Holm, founding partner at Draper Goren Holm, in a statement. “It’s incredible to see how pro-crypto and blockchain European governments have become the last couple of years as their favorable regulations have attracted a flock of talented and diverse entrepreneurs building incredible projects across Vienna, Zug and Berlin, to name a few. Fund 1 will capture this ever-growing market and Draper Goren Holm will expand its value-add beyond our initial home borders of Los Angeles.”
Cryptocurrency tokens create a decentralized store of value, in that they can have value unbacked by any government-backed fiat currency. Draper Goren Holm’s 18 portfolio companies make financial instruments and platforms that are also decentralized — they are not connected to traditional banks and use distributed ledger technology (i.e., blockchains) to store information.
While many accounting firms are now giving tax-related services to clients invested in cryptocurrencies, larger firms have been seizing the opportunities offered by blockchain technology, and exploring its use primarily in assurance, attestation and the audit function.