According to an October poll conducted by US asset management firm [Charles Schwab](https://pressroom.aboutschwab.com/press-releases/press-release/2022/Schwab-401k-Study-Finds-Millennials-and-Gen-Z-Take-Advantage-of-Broader-Range-of-Retirement-Resources-Than-Previous-Generations/default.aspx), over half of Gen Z and Millennials want crypto to be in their 401(k) retirement plans. 

When the business asked participants what they wanted to add to their 401(k) retirement products, [46% of Gen Z and 45% of Millennials](https://www.investing.com/news/cryptocurrency-news/almost-50-of-gen-z-and-millennials-want-crypto-in-retirement-funds-survey-2921428) indicated they hoped to invest in crypto as part of their financial planning. 

It's hardly surprising, given that 43% and 47% of Gen Z and Millennials are already investing in cryptocurrencies outside their 401(k), indicating their fondness for the asset class.

The asset management firm asked 1,100 401(k) members aged 21 to 70 to take a 10-minute poll between 4 April and 19 April, 2022.

## Who qualifies for a study on crypto retirement funds?

Participants in the study had to have worked for a firm with 25 or more workers and be current 401(k) plan participants. 

Millennials are individuals born between the early 1980s and the mid-1990s. Gen Z is those born between the mid to late 1990s and the early 2010s. 

The percentages contrast sharply with individuals born between the mid-1940s and the late 1970s, with only 31% and 11% wishing to invest in cryptocurrencies, respectively.

## What could challenge the success of the crypto retirement fund? 

Inflation is seen as the major deterrent to pension success. Fidelity Investments reportedly [put plans in place](/news/article/fidelity-crypto-increase) in April to allow Bitcoin investing for its 401(k) retirement saving account holders, with investors permitted to deploy up to 20% of Bitcoin to their savings portfolio. 

[Rest Super](https://rest.com.au/super/super-products/rest-super) was the first pension fund in Australia to provide Bitcoin allocation to its 1.9 million members in November 2021. 

A [Quebec pension fund](https://www.reuters.com/markets/us/canadian-pension-fund-cdpq-explores-legal-options-over-failed-crypto-firm-2022-08-17/) lost nearly all of its $154.7 million investment in the now-defunct cryptocurrency [lending platform Celsius](/news/article/celsius-data-breach). Controversies like these have split US Senators on the magnitude of the dangers associated with crypto-exposed 401(k) retirement plans.



Crypto Retirement Fund Popular with Millennials

Blocktower looks to be taking a different path in the cryptocurrency business.

[Crypto investors](https://www.msn.com/en-us/money/companies/with-a-24150-million-debut-venture-fund-blocktower-is-ready-to-take-advantage-of-the-crypto-winter/ar-AA12VtgK) have become some of the most aggressive in turning their enterprises into a brand. They've published white papers and podcasts. On social media, partners at multibillion-dollar businesses have become minor superstars in the crypto space, making forecasts and memes with their legions of followers.

BlockTower Capital, a new venture firm managed by investor Thomas Klocanas, takes a different strategy. BlockTower, a previously unknown $150 million fund that is part of a bigger hedge fund and credit firm, has no website. Despite having tens of thousands of followers, its business Twitter account has yet to tweet.

## What can Blocktower offer?

By keeping its fund relatively small, at $150 million, BlockTower hopes to invest at a pace that will allow it to compete with its more well-known, faster-paced mega-fund contemporaries. Klocanas believes he can offer startups something that a larger firm cannot: real power users in crypto-focused institutional finance who can help make markets and provide assets for lending businesses to get started.

They added a market-neutral [fund](/news/article/pantera-capital-blockchain-fund), as well as a growing credit company, to their flagship fund, which could make long-term investments in public and private markets and cryptocurrencies themselves. A filing from the end of 2021 stated the firm's assets as about $1 billion; at today's values, it is worth more than $500 million.

## Details of Blocktower’s investments 

Goetz and Paul saw a chance to go deeper into the private, startup side of investing by [partnering](/news/article/pillow-fund-easy-for-users) with Klocanas, where the business had previously made more than 40 investments on its own. The trio initially aimed to raise $100 million but ended up raising $150 million early this year. MassMutual, the French investment bank Bpifrance, former Midas List investor Roger Ehrenberg, and the Teacher Retirement System of Texas are among the investors. 
 
The business seeks to write $500,000 to $5 million checks to lead or co-lead into early-stage firms and crypto projects, with equity shares of up to 10% in a startup or 5% in a token platform.

Blocktower to Launch $150m Venture fund

[Pillow](https://www.pillow.fund/) Fund intends to be a one-stop shop that enables even beginner users to save, spend, and invest in cryptocurrencies.

The Singapore-based startup revealed that it had secured $18 million in Series A funding, which was co-led by Accel and Quona Capital with contributions from Elevation Capital and Jump Capital.
 
More than 75,000 users in more than 60 countries are using the app. It currently supports ten digital assets, including Bitcoin, Ethereum, [Solana](/news/article/block-asset-nft-platform), Polygon, Axie Infinity, and the stablecoins USDC and USDT pegged to the US dollar. It intends to support more than fifty digital assets shortly.

Arindam Roy, Rajath KM, and Kartik Mishra founded the company in 2021, focusing on developing markets in places like Africa and Southeast Asia.

According to the company's founders, since the start of the year, its user base has increased by 300%, and assets under management have increased by 5x. It recently expanded into Nigeria, Ghana, Vietnam, and other markets.

## Pillow Fund purpose

Pillow Fund's purpose is to make [cryptocurrency](/articles/learn-moni/cryptocurrency-trading-strategies) usage more understandable. The Pillow team had to address a few significant issues to accomplish this. The first is awareness because most people still believe cryptocurrency is only about buying and selling Bitcoin without understanding other use cases. The second is complexity, as fully utilising cryptocurrency requires knowledge of bridging, gas fees, and blockchain technology.

Pillow addresses these issues by streamlining cryptocurrency investments, transactions, and savings through single-click daily interest savings and instant swaps. It intends to do the same for other cryptocurrency services, such as payments.

## How to use Pillow Fund

Using the email id, users can sign up for their Pillow account. The second step is to provide KYC data (such as live selfie photos and national identity cards). Before deciding which digital assets to deposit or invest in, users are given a brief lesson on the possible risks associated with doing so. Another lesson about the potential risks associated with that asset before making their initial investment is also given to the user.

After that, the user can add cryptocurrency on this platform by sending a transfer to the displayed crypto wallet address from their own wallets or another cryptocurrency platform. Users can also purchase cryptocurrency using their local fiat currency in some nations where Pillow has partnered with local, compliant on-ramp service providers.

The company also accepts fiat currency deposits and withdrawals through local partnerships in Nigeria, the Philippines, and Vietnam, with plans to expand further across Southeast Asia, Africa, and Latin America with its new funding.


pillow fund wants to make crypto easy for new users

Pillow Fund makes crypto easy for users

[Moon Mortgage](https://www.moonmortgage.io/), a crypto lending firm, has concluded its seed funding round. At the end of the round, the platform secured around $3.5 million. The funds will go towards developing its financial product offering in the real estate space.

It will allow investors to get financing for real estate while putting their virtual assets as collateral. Also, the investors can get loans against the cumulative values of their assets.

The lending firm is based in the [United States](/news/tag/usa). It helps investors collateralise their cryptocurrency holdings to get loans for real estate investment. Its products will be launched with the first phase tranched in Texas, Colorado, and Florida. After that, the firm aims to expand its operations throughout the US. 

## CEO’s thoughts on the Moon Mortgage milestone

The CEO and co-founder of the [crypto lending](/news/article/crypto-lending) firm, Aaron Nevin, believe there are no solutions in the market for using cryptocurrency holdings to invest in real estate. Nevin said that investors needed to liquidate their funds and “lose their upside and get hit with a massive tax bill.”

He further said that his firm aims to bridge the gap “[between] cryptocurrency and TradFi to make it easy for them to leverage their digital assets.” He explained that this would not only allow them to materialise their holdings but also enable them to continue making gains through it. 

## About Moon Mortgage

It is a US company that provides services related to [cryptocurrencies](/coins). The Moon crypto mortgage allows you to buy a real-world asset without liquidating your virtual funds. Though it does not work as a traditional bank, a US chartered bank, Anchorage Digital, provides these services. 

The platform raised around $3.5 million in its seeding round, which will be used for its lease services. Cadenza Ventures and CoinFund led this funding round. 


Crypto lending firm Moon Mortgage secures $3.5m

Web3 games and Metaverse projects have taken the industry by storm. Some of the games driving the rise of blockchain gaming include Axie Infinity, Splinterlands, Alien Worlds, Crazy Defense Heroes, Sky Mavis, and The Sandbox. Not only have these games enabled players all over the world to make money, but they have also introduced innovative mechanics and partnerships.
 
Similarly, Metaverse projects have piqued people's interest by introducing ingenious ways for users to interact with one another in 3D space.

As per a report released by the data acquisition and analysis company DappRadar, Web3-based games and Metaverse projects have raised $748 million since August 1, 2022. 

Axie Infinity, one of the most popular games in the field, has surpassed $4 billion in all-time NFT sales, with approximately 36,000 new daily players joining in the last three months.

Despite the ongoing market downturn, blockchain-based games continue to garner attention. According to DappRadar, companies in that field and Metaverse projects have raised approximately $748 million since the beginning of August. This is a 135% increase over July but a 16% decrease from June's figures.

Gabriel Leydon, the founder of Machine Zone, made one of the largest investments of $200 million in Web3 games.
Temasek, a Singaporean investment firm, led the latest $100 million funding round for Animoca Brands to increase the company's exposure in the sector. 

Xterio, a cross-platform publisher and developer of high-quality mobile and web3 games secured a $40 million fundraising round. 

Last year, the gaming space raised around $4 billion. This figure has already been surpassed in 2022, with investments totalling around $7 billion. If current trends continue, the figure is expected to reach $10.2 billion by 2022.

## DappRadar July report

At the end of July this year, the firm determined that blockchain games and Metaverse projects appear to be faring much better than other industry segments during the crypto winter. 

According to the report, unique active wallets (UAWs) decreased by 7% in Q2 compared to the previous quarter. This meant that people were still interacting with blockchain decentralised applications at nearly the same rate as before the [Terra collapse](/news/article/terra-luna-collapse).
 
 



Web3 games and Metaverse projects raised $748M

[Pantera Capital's](https://panteracapital.com/press/) founder and CEO, Dan Morehead, said the hedge fund intended to raise $1.25 billion for a second [blockchain](/articles/learn-moni/what-is-blockchain) fund.

Morehead [said at a Singapore conference](https://www.bloomberg.com/news/articles/2022-09-28/pantera-capital-s-morehead-seeks-1-25-billion-for-blockchain-fund#xj4y7vzkg) on Wednesday that the company's goal is to close the blockchain fund by May. According to reports, the fund will invest in digital tokens and equity to draw institutional investors.

 ![pantera.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/pantera_60f4e2d7bc.png)

Additionally, the CEO mentioned that he wants to purchase more shares of some of the businesses in which Pantera has already invested but whose valuations have declined. This includes companies like [FTX](/news/article/what-is-ftx), Anchorage Digital, Amber Group, Coinbase, and Flashbots.

The fund's goal is to support investors in [cryptocurrencies](/articles/learn-moni/cryptocurrency-price-charts) who might be beginning to lose hope due to price declines in 2022, which have been further impacted by the general decline in global financial markets.

The Pantera CEO said, 
"We want to provide liquidity for people that are kind of giving up because we're still very bullish for the next 10 or 20 years."

"Unfortunately, crypto pricing has become correlated with risk assets, which I don't think has to be true. I hope that soon crypto will decouple from the macro markets."

## Pantera Capital investment funds

The investment firm has grown to be one of the most active in the crypto space since its launch in 2013, with currently $4.5 billion in assets under management.

There are currently five funds available: venture, Bitcoin, early-stage token, liquid token, and blockchain funds.

The first blockchain fund launched in 2021 to raise $600 million. The firm announced in January 2022 that it had secured more than $1 billion in commitments. This active investment invests in a mix of venture equity, early-stage tokens, and liquid tokens.

Morehead claims that the firm's second fund will invest in equity and digital tokens. Pantera anticipates that investments will be closed in May 2023.

pantera capital logo blockchain fund on bitcoin

Pantera Capital set to raise $1.25B blockchain fund

Invesco, a global asset management firm, has [launched a $30M Metaverse-focused investment fund](https://www.cryptotimes.io/invesco-launches-multi-million-dollar-metaverse-fund/).
 
Registered in Luxembourg, the Invesco Metaverse Fund has around $30 million in capitalization. The Metaverse is a network of immersive 3D worlds and online communities where people interact using virtual reality headsets and augment reality.
 
The Metaverse fund will be invested in large, medium, and small-cap companies across the Metaverse Value Chain, which "encloses many different interrelated sectors that help facilitate, create, or benefit from the growth of immersive virtual worlds."
 
According to Tony Roberts, a fund manager at the investment firm, The interconnectedness of the Metaverse "will probably have a transformational effect across businesses as diverse as healthcare, logistics, education, and sport," noting a PWC December 2020 report that estimates virtual and augmented reality has the potential to add $1.5 trillion to the world economy.
 
Roberts continued, “We will aim to take advantage of these possibilities in a selective, valuation-conscious manner”.

## 7 core investment areas

The Invesco Metaverse Fund is an actively managed fund that will invest in seven key core areas, including:

1)	hardware and devices that provide [Metaverse](/news/article/farming-games-in-metaverse) access
2)	next-generation operating and computer systems
3)	hyper-connected networks
4)	artificial intelligence
5)	blockchain solutions
6)	interchange tools required to achieve system interoperability
7)	Other services and assets that will aid in digitizing the real economy.

All of these areas of focus are envisaged to plug together to form the Metaverse and next generation of the internet, also known as Web 3.
 
 
In March 2019, Invesco launched its first blockchain-related exchange-traded fund (ETF) on the London Stock Exchange. The firm was also actively seeking to launch several Bitcoin-related ETFs in the United States but to no avail.
 
Invesco partnered with crypto indices provider CoinShares in November last year to launch its first European exchange-traded product (ETP) backed by physical Bitcoin.

Fund investing is a great way to get exposure to companies involved in providing the picks and shovels needed to create the Metaverse, and that is where Invesco see’s the market opportunity which will appeal to investors.


Invesco launches $30M Metaverse fund

Seed funding worth $9 million has been raised at the startup crypto exchange [Rocketplace](https://rocketplace.com/). It is a US-based startup looking to enter the digital asset management space. The firm aims to allow investors to do commission-free cryptocurrency trading. It is currently dealing with over 30 different tokens on which it charges 0% commission.

Recently, the company started a financing round in which it was able to secure a $9m in its seed funding round. It is quite remarkable as the market is going through a bear run, and cryptocurrencies are rapidly losing their value. Moreover, many digital asset companies like Celcius and Voyager have filed for bankruptcy. 

Earlier, one of the leading decentralised cloud computing networks, Cudos, concluded its series of funding rounds and secured over [£10 million](/news/article/cudos-funding-over-10-million). 

## Rocketplace plans to grow its crypto offering with seed funds

Ben Hutchinson and Louis Beryl, who are the co-founders of Rocketplace, will mainly focus on fund management and distribution. They believe that cryptocurrencies are likely to see an explosion of new projects. And in this scenario, services related to administering and distributing funds will be in high demand. 

Also, Louis Beryl mentioned that their distribution model will also be in full compliance with regulations. It will educate investors to comprehend the regulations to correctly follow them. This is why they claim ‘to not just be another exchange’.

## How did Rocketplace secure the seed fund crypto?

As of now, Rocketplace is only a 10-member company, having two experienced co-founders. Both Hutchinson and Beryl have been in the industry for a long period. They have worked with firms like Earnest, Y Combinator, a16z, and SolidEnergy Systems. Their reputation of prior experience and expertise allowed the startup to secure substantial funding in the seed round. 

It acquired financing from renowned firms like Accomplice, TTV, Soma Capital, and Menlo Ventures. Moreover, throughout the funding round, Launchpad Capital was the lead investor for the firm. 



Rocketplace crypto exchange lands $9m seed funding

[Monochrome](https://monochrome.co/), a capital growth fund, has been granted an Australian financial services licence (AFSL). It has become the first crypto firm in the country to secure approval. Now, Monochrome can expand its services by offering [Bitcoin spot Exchange-traded Fund](/news/article/btc-etf-approval) (ETF) in Australia. 

Former Binance Australia CEO Jeff Yew established Monochrome in 2021. Since February, the firm has been working on the crypto Exchange-traded fund. For this, they partnered up with the [Vasco Trustees](https://vascofm.com/), which helped the firm to get the licensing from the country’s authorities. The Australian Securities and Investments Commission (ASIC) granted permission for Monochrome to launch the crypto spot exchange traded fund. 
 
## The first AFSL-approved crypto ETF Australia

Monochrome crypto ETF will be the first AFSL-approved one in the country. Though the Australian ETF market is quite saturated, no asset managers are dealing with cryptocurrencies directly. Most fund managers operate as general financial asset managers and do not offer digital assets directly. Also, these firms are only compliant with the regions financial regulations to offer a crypto based product.

With Monochrome receiving an Australian financial services licence. This will allow it to offer a crypto spot ETF in the publicly traded and regulated Australian financial market, making it the first exchange to achieve it.  

## Jeff Yew on the AFSL approval

While sharing his views on the approval, Monochrome’s CEO said it is a significant move that will introduce direct dealings with the cryptocurrencies in the country. He also mentioned that their fund will be a secure option for the investors as it will work within the ASIC’s regulations. 

Moreover, Jeff Yew disclosed that the investors can not only deal with Bitcoin but can also invest in other cryptocurrencies like Ethereum (ETH), Binance coin (BNB), and others. 

The final date for the Bitcoin spot ETF Australia launch is not yet finalised. However, it is has been said that it is likely to be launched next month. This move will give crypto trading exposure to the Australian market with substantial transparency and security.
 



Monochrome to offer crypto spot ETFs in Australia

Ukrainian Deputy Prime Minister revealed that the crypto community had contributed [$54 million in crypto funds](https://cointelegraph.com/news/aid-for-ukraine-s-54m-crypto-fund-buys-vests-scopes-and-uavs) through "Aid For Ukraine" initiative to support the country's military efforts against Russia.

On Thursday, Ukrainian Deputy Prime Minister Mykhailo Fedorov's disclosed via his Twitter post that the $54M was channeled through the Ukrainian government-run initiative "Aid For Ukraine."

The crypto fund initiative operates by transferring cryptocurrency to the crypto exchange FTX, which converts cryptocurrency into fiat currency, which is then withdrawn and transferred to the National Bank of Ukraine.

## Funding received and its usage by Ukraine

According to Ukrainian Ministry of Digital Transformation, the initiative received $54 million in the form of 595 [Bitcoin](/articles/learn-moni/what-is-bitcoin) worth $13.9M, 10,190 Ether worth $18.7M, USD Coin worth $2.2M, and Tether worth $10.4M.

The cryptocurrency payments have gone toward military equipment, hardware, and munitions, including unmanned aerial vehicles (UAVs) worth $11.8 million, which are typically used to locate enemy troops and targeted attacks.

Among other army and medical accessories, the donations also included $6.9M for armour vests, $3.8M for field rations, $5.2M for anti-war media drive, and $5M for "weapons of the Ministry of Defense request.”

"Crypto is playing a critical role in Ukraine's defence," said Deputy Minister of Digital Transformation Alex Bornyakov on the government-affiliated donation website.

Founder of the Ukrainian crypto exchange KUNA Mike Chobanian added that the crypto community's contributions had demonstrated blockchain technology's influence on nation-states, claiming that it can serve as a "backbone of global security" in times of crisis.

However, the Aid For Ukraine crypto fund is not the only campaign raising funds to support Ukrainian defence efforts. The Reserve Fund of Ukraine, Come Back Alive, UkraineDAO, and Unchain Fund have also contributed funds in the seven-figure range. However, the amount of cryptocurrency-based funds they've received hasn't been disclosed since March 2022.



Crypto has funded $54M to Aid for Ukraine

One of the leading decentralised cloud computing networks, Cudos, concluded its series of funding rounds. In this successful series, [Cudos funding](https://www.cudos.org/blog/cudos-raises-10million-in-funding/) hit the £10 million mark. Initially, the firm raised around £2 million in seed funding and has further capitalised on that with a series of subsequent funding rounds. 

Cudos is one of the projects of the Cudo ventures. It has now become a global leader in cloud computing and blockchain-related services. The firm is working on providing sustainable and decentralised cloud computing services with its innovative approach. 

Let's see how Cudo Ventures managed to close the capital and what its plan is to grow after securing the substantial Cudos funding! 

## What's Cudo Ventures?

Cudo Ventures is a highly acclaimed, United Kingdom-based firm. A serial tech entrepreneur, Matt Hawkins founded the company in 2017 and still serves as its CEO. Its offerings involve cloud computing networks and developing decentralised platforms. It also has two more projects under its umbrella. These projects are related to sustainable computing and [crypto mining](/news/article/sustainable-mining). 

The firm has launched its own digital token, known as CUDOS. It is the native token that helps in monetising platforms by working as a utility token for them.

## The services Cudos offers

The venture has three main projects in its ecosystem, offering different services. All these projects can work together to combine the power of cloud computing and blockchain technology. These projects include:

1.	Cudos - A decentralised cloud-based computing network.

2.	Cudo Compute - Sustainable computing that utilises the unused power from systems

3.	Cudo Miner - An automated crypto mining service.

## How did Cudos funding raise £10 million?

The press release from the company disclosed that its worth had reached £10 million. It also declared that the Cudos funding took place in a series of rounds. Moreover, it also provided a breakdown of the capital. 

The initial seed funding for the company raised around £2 million. Then, in the pre-series A round, it closed another £2 million. This was further followed by £3.7 million for the token raise. Apart from that, an advanced subscription agreement (ASA) added £2.2 million. Lastly, the firm's strategic partners helped in raising £1 million.

The network has the support of numerous enterprises that helped it secure decent funding rounds. It is backed by enterprises like [Moonrock Capital](https://www.moonrockcapital.io/), BlackDragon Research, BMW Capital, [CSP DAO](https://cspdao.network/), Floem Capital, Exnetwork Capital, and others.  

## What does Cudos funding mean for its growth?

As the company has managed to secure modest capital, it is now looking to expand its business. The firm is looking to attract crypto investors by launching it on several exchanges. After the funding, it launched its token on the Bitmax exchange. 

Moreover, the Crypto.com exchange has also listed the coin, which is now available in over 90 countries. Other notable exchanges that listed the token are Kucoin, Huobi Global, and Bittrex Global. 

In addition, Cudo also launched a mainnet for its network that will further help build decentralised computing infrastructures. Matt Hawkins, the CEO of Cudo, termed the launch an 'incredible achievement.' Also, he expressed that the mainnet launch will help develop sustainable and decentralised computing networks for a more connected world. 

Non-fungible tokens might also enter the Cudos network. Its roadmap suggests that the network may introduce native support for NFTs usage. Also, there can be a bridge between Ethereum and Cudos for conveniently transferring NFTs. With all these innovations, the company seeks to expand its operations. 



Cudos funding round secured over £10 million

One of the leading Solana NFT marketplaces, Magic Eden, has announced a venture capital fund focusing on web3 games. The marketplace is looking to expand in the web3 games as it has launched an investment arm. 

Magic Eden is a Solana NFT marketplace that recently became a crypto unicorn startup. It's worth reached more than $1.6 billion. Now, the marketplace is preparing for expansion as it will focus on web3 games. The platform has announced a venture capital fund specifically for web3 games. 

## What's the gaming VC fund for Solana NFT marketplace Magic Eden for?

A venture capital fund is a pool of investments of small or medium-sized companies or startups. It is used to organise and regulate all the funds for the company's growth. Magic Eden, a growing startup that deals in Solana NFTs, has also announced a venture capital fund. 

According to the [press release](https://www.prnewswire.com/news-releases/magic-eden-launches-magic-ventures-with-focus-on-web3-gaming-301584577.html), the company has named the recently launched investment arm Magic Ventures, which is dedicated to web3 games. In addition, it will also scale up its gaming subsidiary, Eden games, through it. 

The company has diversified its team by onboarding several experienced game developers. Moreover, the company has established new partnerships with various gaming leaders.

## Tony Zhao, the head of gaming investments at Magic Eden

Besides, Magic Eden has appointed Tony Zhao as the gaming investments head. Zhao is a prominent name in this industry as he was associated with the leading Chinese game company, Tencent.  

It is expected that the appointment of Tony Zhao will help Eden games to develop its portfolio. Zhao will be working on developing web3 game infrastructures which can turn this Solana NFT market into a promising web3 games startup. 

In other news, Shanghai has developed a five-year plan that includes policies for crypto, NFTs, and also web3. Moreover, a leading video game enterprise, GameStop, has introduced its own marketplace for NFTs. Learn more about cryptocurrency, NFT, and blockchain-related news on [Moni Talks](/news). 
  



Solana NFT marketplace launch Web3 gaming fund 

Alto, an investing firm in the United States found out that 39% of Millennials in America hold digital assets. Individual stocks are owned by nearly the same percentage, as estimated in the American crypto survey.  

While some had a small portion of their wealth in mutual funds, the majority had some of their hard-earned money in crypto. Seventy percent of investors with a long-term outlook included cryptocurrencies in their Individual Retirement Accounts (IRAs). 

Additionally, the American crypto survey found that citizens within the aforementioned age group who do not own any forms of digital currencies are considering entering the space in the not-too-distant future despite reservations by [Warren Buffet and Bill Gates](https://news.sky.com/story/elon-musk-sued-for-258bn-over-claims-he-ran-a-pyramid-scheme-to-promote-dogecoin-12635334) on the use of Bitcoin.

With that said, the current crypto climate where all cryptocurrencies are trading below 50% of all-time highs  has made it difficult for millennials to throw money behind any digital asset. Commenting on the insights from the study, founder and the Chief Executive Officer (CEO) of Alto, Eric Saltz said that in a modern world of conspicuous consumption, soaring living costs, and student loan debt reaching new highs, millennials are struggling to afford the present which makes it difficult to them to invest for the future.

Out of the assets available for investments, millennials are more interested in putting their monies into real estate. Statistically, 77% answered they would invest in properties, 55% are interested in testing Angel investing, and 67% were interested in jumping into innovation funds. 

Another study conducted by deVere Group, an international financial consultancy firm revealed that 51% of Generation Z (born between 1997 and 2012) and 36% of millennials would prefer receiving half of their salaries in cryptocurrencies instead of fiat money (USD). 

According to the Chief Executive Officer (CEO) of deVere Group, Nigel Green, many youngsters grew up within the technological revolution, and are accustomed to digital things. This has made it easy for them to embrace the latest innovation in the financial sector since they see massive potential in the use of cryptocurrencies. 

Moreover, per a survey by the Consumer News and Business Channel (CNBC) in June, 47% of millennial millionaires have at least 25% of their wealth in the decentralized finance market. 

For the latest crypto business news, visit [Moni Talks](https://monitalks.io/news/category/crypto-business-news).


American millennials invest more in crypto than mutual funds

The adoption of blockchain technology continues apace with new and exciting avenues, presenting themselves on a weekly basis.

There is no more exciting environment than virtual reality and the metaverse right now. It seems as if these two worlds are the perfect fit for blockchain technology.

## GameFI Eco-System Fund

With this in mind, cryptocurrency trading giant FTX released details today of a brand new investment fund targeting [Gamefi](https://hub.gamefi.org/#/), the Metaverse and Web 3.0 companies. As a joint venture between FTX, Solana Ventures and LightSpeed Venture Partners, the ‘GameFi Eco-System Fund’ is allocating $100 million to invest in gaming studios, technology companies and ‘other projects’.

## Web 3.0

Web 3.0 can be thought of as the next evolutionary step of the internet. Through the use of artificial intelligence, decentralised networks and blockchain technology, the internet is set to undergo a revolutionary transformation. With many people viewing the evolution of Web 3.0 as less than 2 years away, the launch of the ‘GameFi Eco-System Fund’ is evidence that large investors are taking this space seriously.

This new version of the internet will be faster, fairer and have less need for central points of control and authority. Now, artificial intelligence and machine learning take the leg work out of administering and authenticating internet content.

## Play to Earn

Amy Wu of LightSpeed Venture Partners said gaming was a massive opportunity to ‘bring the next billion users to Web 3.0’. The global gaming market is currently estimated to be worth around $100 billion. Many analysts are expecting those figures to double in the next two years due to new concepts, which appeal to a much wider audience.

Mobile games like Axie Afinity and HeroFi have shown how blockchain technology and NFTs can be successfully incorporated into the gaming universe. Play to Earn gaming concepts have become huge hits in the Far East. Users can generate, trade and earn cryptocurrency by simply playing games on their mobile phones.

More [GameFi news](/news/category/gamefi).


‘GameFi Eco-System’ Fund $100m launch

Switzerland’s financial regulator has approved a cryptocurrency investment fund offered by a subsidiary of the country's stock exchange. On Wednesday, the FINMA approved Switzerland's first ever crypto fund which will be called the Crypto Market Index Fund, categorised by FINMA as "other funds for alternative investments".

The new cryptocurrency fund mentioned earlier will track an unspecified index that comprises of “cryptocurrencies and crypto assets” based on market cap, which means it cannot include Ripple or Stellar due to their lack of decentralisation. As reported by local news agency Aargauer Zeitung, the fund is also currently limited to professional or qualified investors.

## No Concerns for Investor Protection

The Financial Market Supervisory Authority (FINMA) stated publicly that it has approved the very first cryptocurrency fund. The regulator said in an official statement, "The FINMA has issued a binding order to Crypto Fund AG in connection with its initial approval of the fund domiciled in Switzerland for listing on the SIX Swiss Exchange. At the same time, it has notified the Zug-based asset manager to cease unauthorized promotional and advertising activities."

The Supervisory authority said that an initial assessment of cryptocurrency funds did not pose any concerns for investor protection but added that future financial market innovators should comply with the current regulations.


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