DELTA — Sources tell CoinDesk that the hosts of the well-known crypto podcast and weekly Bankless are launching a $35 million venture capital fund to invest in seed-stage Web3 businesses.
David Hoffman and Ryan, the hosts of the Sean Adams are to be general partners in the fund, said Charged Particles founder Ben Lakoff, also a GP. According to Lakoff, the trio make up the fund's investing committee.
Although the Bankless podcast is intended to be a distinct legal organization from the fund, it will likely share its name and benefit from one of the more well-known content platforms in the crypto media. One source in venture capital claimed that the platform and investment arm working together will result in "amazing deal flow" for the young VC.
Adams and Hoffman founded Bankless in 2020, and since then, it has established a powerful multi-platform presence with its signature podcast, newsletters, YouTube channel, and decentralized autonomous organization (DAO), which includes a $BANK governance token.
The fund would concentrate on early-stage cryptocurrency businesses and "empowering pioneers to explore the frontier of Web3," according to a draft website.
The two have also been vocal proponents of self-custody, decentralized money, and Ethereum.
The brand's excursion into crypto investment, which started last year, looks to be continuing with Bankless' entry into the venture capital space. In November of last year, Bankless said that it had purchased the Earnifi software project from DeFi under a brand-new division dubbed Bankless Labs.
“Bankless is going beyond media,” wrote Adams in a blog post at the time. “Now, we’re building tools for your DeFi journey.”