Rally founders launch crypto-venture studio backed by partner a16z

Two blockchain entrepreneurs have launched a new cryptocurrency fund designed to seed promising Web 3 startups, sending a strong signal t...



Two blockchain entrepreneurs have launched a new cryptocurrency fund designed to seed promising Web 3 startups, sending a strong signal that venture capital is eyeing the next builders of the decentralized internet.

On Friday, Kevin Chou and Mahesh Vellanki unveiled SuperLayer, a crypto-venture studio building Web 3 projects directly on the Rally Network, a crypto-social platform that allows creators and artists to launch their own digital currencies. The venture studio will launch projects internally before recruiting product managers to further develop the business.

Notably, SuperLayer has received backing from renowned investors including Marc Andreessen of venture capital firm Andreessen Horowitz, Chris Dixon, Paris Hilton, Nas, Michael Ovitz, Carter Reum and others. Initially, SuperLayer will deploy $ 25 million in seed investment and will continue to raise funds on an ongoing basis.

Kevin Chou was featured in The Top 100 Cointelegraph for 2020 in the adoption category. Before co-founding Rally with his colleague Mahesh Vellanki in 2018, Chou was the head of Kabam, an esports games company sold for $ 1 billion in 2017.

Related: Rally crypto platform pledges $ 12 million to third-party developers

Marc Andreessen’s Andreesen Horowitz was behind some of the biggest crypto fundraising rounds. As Cointelegraph reported, the blockchain platform Alchemy recently entered into a $ 250 Million Series C Investment Round which was run by the Silicon Valley venture capital firm. Earlier this year, the company launched the largest crypto venture capital fund ever valued at $ 2.2 billion.

As Cointelegraph reported, Andreesen’s crypto fund recently recruited two prominent engineers from Facebook to join the company as CTO and CIO, respectively. Facebook, meanwhile, has renamed Meta, reflecting its ambitions to expand beyond social media and into Web 3 and augmented reality experiences.