The European Commission has invested $30 million in a new crypto fund Fabric Ventures

London-based investment fund Fabric Ventures has raised $120 million to invest in blockchain startups at early stages of development, TechCrunch reports.

The fourth part of the amount was provided by the European Investment Fund, which is the structure of the European Union for supporting small and medium-sized businesses. This is the first case of an investment of a structure associated with the European Commission in a fund focused on digital assets. Also, partners and managers of such companies as (Transfer)became investors, among othersWise, PayPal, Square, Google and Ledger. In addition, Fabric Ventures was supported by the co-founder of Ethereum and Polkadot, Gavin Wood.

Richard Muirhead, managing partner of Fabric Ventures, said that they had been negotiating with the European Investment Fund since December 2019.
"The attraction of venture capital in Europe lags behind the United States. Europe is making leaps and bounds, but it should try even harder, relying on the support of new managers and new strategies, " he said.
Alain Godard, Director of the European Investment Fund, said that cooperation with Fabric Ventures is of "special strategic importance for the EU and its competitiveness on the world stage." He also stressed that there are talented blockchain entrepreneurs in Europe, but it is often difficult for them to find investors who would understand their field.
"This cooperation is aimed at meeting this need and providing financial opportunities for entrepreneurs working in the field of blockchain technologies," Godard added.
Fabric Ventures was previously called Firestartr and began to be interested in blockchain and cryptocurrencies in 2013. The fund invests directly in bitcoin and ether, and also became an early investor in such projects as Polkadot, MakerDAO, Tagomi, Bitstamp, Decentraland and 1inch.
"It is important to note the recognition at the level of the European Commission. This area is of geopolitical importance for the EU bloc. On the one hand, there is North America with its “Wild West”, and on the other - the police state of the Communist Party of China. As I believe, the European Commission sees a third way to use this technology in the interests of individuals and businesses, " Merkhad said.