Ex-Poker Pros Raise $130M Fund for DeFi Bets

Ascensive Assets, an investment firm led by former professional poker players, has raised a $130 million fund that will focus on the decentralized finance DeFi market.

The latest fund dwarfs Ascensive’s maiden $24 million fundraise back in 2019, which backed the likes of Polkaswap, Benqi, Yield Guild Games and JennyDAO.

In terms of investors, the round was mostly populated by high-net-worth individuals from China, Hong Kong, Macau, Singapore and Malaysia, many of whom are connected to the world of professional poker and gambling, said Ascensive Assets partner Oliver Blakey.

“They are casino owners, private bookmakers and Asian high-net-worth individuals generally from the gambling world.” “A gambling mentality is in their DNA, I guess. We have always known that world and of course everybody wants exposure to this industry now.”

Around a third of the new fund will go towards early-stage startups, and the remainder is basically doubling down on winners from the first fund, said Blakey, who is refreshingly candid about the firm’s investment performance.

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