Old Fashion Research (OFR) a group of former executives from Binance has created a $100 million Venture Fund to fund crypto projects in Africa and Latin America with Metaverse Magna spearheading it’s Africa’s project.
The group’s name, derived from the classic cocktail was founded in late 2021 by managing partners Ling Zhang, who was previously the vice president of M&A and investments at Binance, and Wayne Fu, former head of corporate development at the global crypto exchange.
The fund will be focused on the metaverse and bringing greater crypto adoption to emerging markets like Latin America and Africa, Zhang said.
“We are keen to work with builders for the long run,” Zhang said. “We are very Southern Hemisphere-focused. … We’ll go after all of the emerging markets, but it’s our goal and vision to accelerate adoption there.”
The capital was raised by limited partners, traditional VC funds, family offices and angel investors both inside and outside the crypto ecosystem, with global gaming platform WEMIX leading the investment, Zhang noted.
The project was operating in stealth mode until today, but has invested in more than 50 blockchain projects to date, including blockchain analytics platform Nansen, trading platform WOO Network, move-to-earn NFT game Genopets and Africa’s largest gaming community, Metaverse Magna.
Metaverse Magna MVM was incubated in partnership with Old Fashion Research (OFR), a multi-strategy blockchain investment fund founded by executives from the world’s leading exchange.
According to Ling Zhang, founding partner of Old Fashion Research and former VP of M&A at Binance on it’s recent partnership with Nestcoin and Metaverse Magna : “We at OFR are beyond excited to be building the MVM DAO with Nestcoin. Whether it is, play-to-earn, move-to-earn, or build-to-earn, the metaverse economy will empower a whole new generation of Africans. The DAO format of MVM will enable unprecedented financial access and wealth creation for our players and our community.”
The DAO is partnering with investors who share its mission and will be unveiling more games in the coming months. Game developers are also invited to pitch new and innovative games for a chance to receive capital and an army of enthusiastic and free MVM players.
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