Alpha Sigma founder and Chief Executive Officer Enzo Villani said on Wednesday that the U.S.-based digital asset fund, Alpha Sigma Capital, and Transform Ventures, a venture capital firm, will obtain $100 million for two new blockchain-focused funds and so-called decentralized Web 3.0 ventures.
Founder of Transform Ventures, crypto investor Michael Terpin also incorporated some of its assets with those of Alpha Sigma’s parent to create a new holding company called Alpha Transform Holdings. The latter will be in charge of the two new funds.
As per the court files, in 2019, Terpin won a civil lawsuit of $75.8 million against Nicholas Truglia, who was 21 at the time and part of an arrangement that swindled Terpin of digital currencies. Along with other members, Truglia robbed 3 million tokens from Terpin mobile phone account in early 2018.
Terpin made his own initial investment of $2.65 million in cash, bitcoin, and ethereum in the new Alpha Liquid digital assets fund earlier this month, with an option to invest an additional $2.9 million.
The Aegean Fund, a closed-end venture capital firm, is still in the process of being established, according to Villani.
These new funds have appeared as the cryptocurrency industry faces more intense review after the high-profile bankruptcy of crypto exchange FTX in November as well as the failure of several other market participants, including lender Celsius Network.
“The real growth of blockchains and the real growth of Web 3 are starting to happen,” Villani stated in an interview with Reuters. Web 3.0 is the third version of the internet in which users interact with data using artificial intelligence and machine learning, along with other things.
He also went on to say, “A lot of things that are happening right now (in the crypto and blockchain space) may be challenging. But I think the industry would be going through these (challenges) anyway.”