Billionaire Tim Draper Launches a Crypto Venture To Support Web3 Projects

Billionaire Tim Draper has started a new crypto business, called Draper Goren Blockchain (DGB). This business will help other new crypto projects grow, even though the crypto market is down.

On September 20, Tim Draper, Alon Goren, and David Bleznak introduced their new project. It will support new businesses in crypto and the internet (called web3).

Draper has a history of investing in big companies like Coinbase, Robinhood, Tesla, and Skype. He once predicted Bitcoin's price could reach $250,000.

About DGB, Draper said:

“During tough times, good businesses are built. There are many great crypto projects now that need help and money.”

DGB's goal is to support projects that bring many new users and big companies to crypto. Alon Goren mentioned that they believe in Bitcoin and crypto for the future. David Bleznak, another partner, said they're interested in new tech in crypto and games.

The team will work with internet businesses for 10 years, investing between $25,000 and $100,000 in very new startups.

Previously, Draper started another crypto business, Draper Goren Holm, which had a $25 million fund in 2020. He also recently talked about a new project called Draper Nation.

This effort by the billionaire could really accelerate the rise of more innovative web3 projects despite the bearish market condition