German Conglomerate, Bertelsmann, Invests In BaFin Regulated Crypto Fund for Web 3.0
German private multinational conglomerate and publishing firm Bertelsmann announced an investment in a Berlin-based regulated crypto fund, Greenfield One.
Reports from Berlin confirm that Greenfield One, an institutional-focused crypto fund, has successfully completed its second crypto fund, including an investment from Bertelsmann, a Germany-based conglomerate owning top publishing firm Penguin Random House LLC., RTL Group, Arvato, and music publishers BMG Rights Management.
The crypto fund is regulated under the country’s top financial regulator, the Federal Financial Supervisory Authority (BaFin), allowing institutional investors to take positions in the crypto market. According to a statement from Sebastian Blum, one of Greenfield’s founders, having a regulated digital asset fund provides “regulatory clarity and a safe haven” for institutions investing in it. Blum said,
“We have deliberately decided to structure all of our funds as an on-shore product to provide a high level of clarity and comfort for investors with no exposure to crypto yet.”
“This caused additional scrutiny and complexity in fund formation on our end, but we believe that this turns out to be helpful in the long-run.”
The company is yet to disclose the value of the crypto fund and the value of investment made by Bertelsmann and other investors participating in the fund, including a major European family office known as Lennertz & Co.
The company used the first crypto fund to invest in promising blockchain solutions, including Multis, Dapper Labs, Vega Protocol, Near Protocol, Celo, and Spacemash. The second fund is yet to be invested with no comment or reply from Greenfield One on how they plan to spend the funds.
However, according to a circular distributed earlier in the year, the crypto fund will be invested in assorted blockchain projects with no specific market mentioned.
“The fund focuses on crypto networks and developer teams that use blockchain-based technology to create the infrastructure for Web 3.0 as a fundamental asset layer on the internet,” the circular read.