The launch is announced of the EJF Silvergate Ventures Fund (the “Fund”), a joint investment vehicle focused on early-stage fintech companies
The EJF Silvergate Ventures Fund
Silvergate Capital Corporation (“Silvergate”) is the leading provider of innovative financial infrastructure solutions to the digital currency industry. EJF Capital LLC (“EJF”) is a global institutional alternative asset management firm. Today both announced the launch of the EJF Silvergate Ventures Fund (the “Fund”), a joint investment vehicle focused on early-stage fintech companies. As well as digital currencies and payments, plus banking and specialty finance technology.
The amount of capital that will be deployed through the fund was not disclosed. But it will focus on fintech companies, digital assets, payments as well as banking and other financial technologies like banking-as-a-service. The fund will also address the urgent need for capital to support entrepreneurs looking to modernize the current financial system and reshape global commerce. Neal Wilson, EJF co-founder and co-CEO, said about it in a statement. Neither companies were available for immediate comment when requested by Blockworks Thursday.
Quotes
“We’re thrilled to participate in this joint venture with EJF. Their investment strategy and financial services industry expertise align with our mission to create a financial system that is safe, fair and rewarding for everyone,” said Alan Lane, Silvergate CEO. “At Silvergate, we’ve had the privilege to serve entrepreneurs in niche industries for over 20 years, which ultimately led us to bank digital currency industry pioneers. We believe in entrepreneurs and their power to help the digital currency industry reach its full potential.”
“The financial industry is undergoing a transformation facilitated by the growth of digital currency and the adoption of blockchain enabled technologies,” said Jonathan Bresler, Partner and Managing Director at EJF Capital. “As this ecosystem rapidly evolves into a subset of financial services with operational utility, significant investments will be required to build the infrastructure necessary to bridge the gap between the legacy financial system and the financial system of the future. We are delighted to partner with Silvergate and believe that their digital currency and regulatory expertise will be highly complementary to our investment process.”
“Silvergate and EJF recognize the urgent need for capital to support entrepreneurs who will modernize the existing financial system and reshape global commerce,” said EJF co-Founder and co-Chief Executive Officer, Neal Wilson. “Through the EJF Silvergate Ventures Fund, we can provide a truly dynamic venture capital experience rooted in collaboration, passion and a strong belief in the entrepreneurial spirit.”
