Ceres becomes the latest Japanese company to invest in a crypto fund run by the venture capital group.
Ceres, a marketing firm based in Japan, has just become the latest investor in the San Francisco-based blockchain and cryptocurrency hedge fund Pantera Capital.
As the first Bitcoin fund in the United States, Pantera was quick to see the potential in cryptocurrency and raised $13 million for its debut offering in 2013, and $25 million for its second. The group’s third venture fund, dubbed Pantera Venture Offshore Fund III LP, was registered in August 2018.
The 10-year, $175-million fund is focused on investments in blockchain-related companies, ICO tokens, and related businesses. Pantera has previously invested in Ripple, Brave, Circle, and Bitstamp as well as ICO tokens like 0x, Protocol, Kyber, and Polkadot.
Ceres active in the crypto space
This is not Ceres’ first foray into the world of cryptocurrency. The marketing company has been actively investing in Xtheta, a licensed Japanese crypto exchange.
Ceres also runs a token service called Moppy, a rewards system in which points can be exchanged for cash or digital currency. With over seven million users in Japan, there is a strong similarity between aspects of Moppy and existing blockchain technology.
Pantera goes long
Pantera Capital Founder and CEO Dan Morehead has long predicted the value of Bitcoin will soar in the coming years. Most recently, he estimated the value of the cryptocurrency would rise to $356,000 by 2022.