Former ApeCoin Special Council Member& Animoca Brands Chairman Yat Siu Thinks The DAO Should Have Its Own Venture Capital Firm!
Animoca Brands Chairman and former ApeCoin DAO Special Council member Yat Siu shared a $10 million 'ApeCoin Ventures' idea at the DAO yesterday that could invest in 80 $Ape ventures at seed or Series A stages around the swamp.
On Wednesday, Yat Siu took to the ApeCoin DAO’s discourse channel with an idea to create a venture capital arm of the DAO dubbed 'ApeCoin Ventures' that would be managed by Animoca Ventures and backed with $5 million USD worth of $Ape from the ApeCoin DAO and another $5 million USD from Animoca Brands.
If passed, ApeCoin Ventures would look to invest $100,000 to $250,000 USD in up to 80 $Ape-centric ventures.
“By investing together into early web3 ventures, we will drive and encourage integrated utility and adoption for ApeCoin – leveraging our venture expertise to the community’s energy and reach as well as opportunities to generate long-term value for the DAO and its relevant ecosystem,” Siu wrote. “Our investment strategy targets seed and Series A stage ventures, prioritizing those that can integrate ApeCoin into their ecosystem.”
Following his post, Siu told the Gazette that he belivies that creating ApeCoin Ventures with Animoca Brands would be a great way to introduce $Ape to some of the biggest builders in Web3.
“It is perhaps the best way to help grow the network effects of Apecoin and we are amongst some of the most prolific and high profile investors in the web3 space and want to help get them to know and participate in all things Apecoin, he said. “If we manage to continue to invest with similar kinds of success we would want to return the value of those returns to the DAO back in Apecoin (or do a future investment DAO if that makes more sense, its in the AIP Idea phase so we are happy to debate and discuss this of course.”
At this time, ApeCoin Ventures is still in the idea phase at the DAO and every ApeCoin DAO Contributor can ape into the Discourse server and give their two Sats on this future Ape Improvement Proposal here: https://forum.apecoin.com/t/apecoin-ventures/23550
The Bored Ape Gazette will continue to follow ApeCoin Ventures and will let you know when and if it goes up for a vote. Stay tuned for updates!
