Crypto wallet manufacturer Ledger and venture capital firm Cathay Innovation have launched a €100 million fund to invest in Web 3.0 startups.

Denis Barrier, co-founder of Cathay Innovation, told The Block that the build is backed by French state investment bank Bpifrance and several other companies. He declined to be named, citing privacy concerns.

Ledger Cathay Capital invests in early-stage DeFi, security, infrastructure and digital property technology startups. Barrier said the fund was newly created and did not have time to make any investments.

Regarding the market conditions under which Ledger Cathay Capital began operating, he noted that the company saw Web 3.0 as an emerging field and “an investment opportunity for decades.”

“We have no plans to slow down or reduce our investment activities. “We believe the current conditions are a real opportunity for us to build a fund and actively invest in cryptocurrency startups,” Barrier said.

Ledger Chairman and CEO Pascal Gauthier agreed, stating that the fund will actively support projects that “create a decentralized future for the next billion users.”

Ledger is a portfolio company of Cathay Innovation. The venture capital firm participated in three funding rounds, including a $380 million Series C in June 2021. According to their results, the wallet maker was worth more than $1.5 billion.

Previously, Ledger has invested in several cryptocurrency startups. Now the established fund will manage these assets.

According to Barrier, Ledger Cathay Capital will support both equity and token deals with an average size of €500,000 to €4 million. The fund aims to acquire 20-25 portfolio companies within two to three years.

Recall that in April Dragonfly Capital launched an investment fund focused on Web3 startups with $650 million in capital.