Explore Tim Draper’s DGB accelerator, which supports meaningful crypto initiatives during market swings.”
In addition to being one of the top investors in the space, Tim Draper is one of the few crypto billionaires in the world today. He just declared the opening of DGB, a cryptocurrency accelerator.
The new crypto accelerator from Tim Draper
Tim Draper, Alon Goren, and David Bleznak are partners in DGB, which stands for Draper Goren Blockchain.
The accelerator intends to incubate Web3 innovations and crypto companies despite the bear market.
With specific backing from Tim Draper, Draper Goren Blockchain is a new venture studio with a focus on Web3, cryptocurrencies, and blockchain.
The team behind this accelerator has really been collaborating effectively for years and has chosen to increase its investment in cryptocurrency in spite of the market’s bearishness.
Draper, Goren, and Bleznak, the three project founders, express optimism for the project’s future.
As millions of new users and institutions enter the crypto space in the upcoming months and years, DGB wants to make sure these projects have the greatest possible impact. In particular, it wants to support projects that are already driving the industry forward.
Tim Draper and profitable ventures
The announcement of the effort states that Tim Draper is a general partner of Draper Associates and a founder and special limited partner of DGB.
The fact that he was an early investor in successful businesses like Coinbase, Robinhood, Tesla, Skype, and others has made him most famous.
Having founded his own venture capital firm decades before cryptocurrencies became popular, he comes from a traditional finance background.
His first profitable venture was a 1996 investment in Hotmail, and he was the first venture investor from Silicon Valley to invest in China’s Baidu in 2001.
He first made his way into the cryptocurrency space in 2014, more than ten years later, when he paid just little more than $600 for 30,000 Bitcoin at a judicial auction.
It’s unclear how many of those bitcoins Draper still holds, but given that 30,000 bitcoins are currently worth $800 million, this is undoubtedly one of his most profitable bets.
Regarding DGB, he said:
“It’s a cliche that bear markets are a time for builders to build, but that means there are incredible projects currently being developed that are in need of capital and support. With DGB, we are reinforcing our dedication to amplify crypto projects that are advancing the industry in anticipation of an influx of millions of new users and institutions in the coming months and years.”
Other initiators
Alon Goren was an early investor and founding partner of DGB.
He is also on the boards of several significant projects, including Ownera and LunarCrush.
The man said:
“We’ve been backing bitcoin and crypto founders for many years now and intend to be here for the long-haul. I’m very excited to launch this new venture alongside Tim Draper and David Bleznak with the goal of championing innovation and supporting visionary entrepreneurs building in the Web3 space.”
DGB’s founding partner is David Bleznak.
His most recent position was at Coinbase, where he successfully spearheaded the acquisition of DeFi Totle, an aggregation and trading platform.
Says he:
“Despite how much evolution has already transpired in Web3, we’re still at the tip of the iceberg when it comes to exploring new iterations of applications and use cases. We’re particularly excited about innovations in DeFi, blockchain Layer-2 infrastructure, and consumer applications in gaming, social, and more, and we look forward to launching our initial fund to support projects with novel visions for the industry.”
Crypto, investing, and Tim Draper
These situations don’t include buying digital assets with the expectation that their value will increase over time.
Rather, the focus is on providing capital to profitable businesses or institutions that provide innovative technological solutions for the upcoming cryptocurrency marketplaces.
Since the cryptocurrency business is still in its infancy, there is theoretically a lot of room for growth, and those who can develop the finest solutions for it might become very successful.
Naturally, Draper, Goren, and Bleznak want their investments to pay out in this way above all else, but they are also supporting the advancement and innovation of this industry in the process.
Over the years, Draper in particular has shown himself to be fairly adept at financing innovation. Examples of this include his assistance in Skype’s establishment some 20 years ago and his 2006 investment in Tesla, which came just two years after Elon Musk’s initial investment.
Additionally, this differs greatly from investing in well-established businesses in that it entails accepting significant risks because of future uncertainties, with the hope that you have supported the right innovations—and, more crucially, the right innovators.
