Arthur Cheong Of DeFiance Capital Is Raising Money For A New Fund
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Arthur Cheong Is Raising Funds
A source familiar with the situation claimed that the new venture fund, which would continue to operate under the DeFiance moniker, would concentrate on liquid crypto investments and aim to raise roughly $100 million. According to the source, DeFiance is focusing its efforts on institutional investors.
Cheong chooses not to respond. He established DeFiance in August 2020, focusing on venture capital (VC) investments in Web3 firms and decentralized finance (DeFi) solutions.
"Arthur Cheong is committed to taking all necessary steps to protect, preserve and recover all assets which are owned in the context of [DeFiance Capital]'s business," the company said in the July statement.
A successful fundraising campaign would essentially be DeFiance's comeback. After Three Arrows filed for bankruptcy and received $3.5 billion in creditor demands in July, DeFiance declared that the insolvency had "materially impacted" its business.
DeFiance Capital Established In 2020
Arthur Cheong established DeFiance Capital in 2020, referring to it as a "sub-fund and share class of Three Arrows Capital" at one point. DeFiance Capital declared in July that it is a separate company from 3AC and conducts business independently after 3AC experienced financial difficulties in June.
More renowned venture capital firms are looking to invest in liquid tokens, which has prompted DeFiance's latest fundraising campaign. To invest in "liquid tokens primarily" - tokens already listed on cryptocurrency exchanges and those yet to be published - Sequoia Capital formed a $500 million to $600 million crypto fund earlier this year.