North Island Is Supporting Cosmos Following The Closure Of Second $125 Million Fund

Taking in the cosmos, North Island Ventures is looking up.

North Island is “investing pretty heavily” in the Cosmos infrastructure service platform, which, with North Island’s support, aims to become more interoperable, decentralized, and secure in its most recent incarnation. North Island is a crypto-focused investment firm that recently closed its second fund at $125 million. The tactic entails purchasing the native token of Cosmos as well as making investments in ventures growing within the Cosmos ecosystem.

Travis Scher, a co-founder of North Island, claimed that over the past six months, Cosmos has attracted developers’ attention “quite strongly.”

In a recent interview, Scher stated that “the momentum around Cosmos is now extremely real.” “End user traction is still quite meager, but I think Cosmos is building ahead of where the market is heading.”

A blockchain network called Cosmos is made up of flexible, application-specific blockchains. The Inter Blockchain Communication (IBC) protocol allows these chains to communicate with one another. The Cosmos Hub is a standalone blockchain that is protected by validators that stake ATOM, the company’s native coin.

North Island’s second fund is nearly double the size of its predecessor

North Island closed in 2020 with a total of $70 million, and has made around 30 investments. The new fund is expected to be invested in 30 to 40 firms primarily in seed-stages.

“The fund is a bit bigger than the last fund primarily because the opportunity set in crypto is meaningfully larger than it was in 2020,” Scher said. “Back in 2020 there were only really two blockchains that had any usage or momentum at all. There was no interest or momentum in NFTs whatsoever. There was just budding momentum in the DeFi space.”

While crypto investment opportunities have multiplied since the firm’s first fund, Scher acknowledges that now isn’t exactly the best time to deploy the newly raised cash.

“We just experienced a bubble in crypto, so I think we are most certainly seeing a pullback in terms of investment dollars getting put to work,” Scher said. “Venture investing in crypto over the next 12 months will be meaningfully less than it was over the previous 12 months.”

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