Cryptocurrencies
Citi Ventures Makes First Crypto Seed Investment in Startup Xalts
- Hong Kong-based firm was founded by HSBC, Meta veterans
- Accel was the co-leader on the $6 million investment in xalts
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Citigroup Inc.’s venture capital investing group made its first digital asset seed investment in a Hong Kong-based digital-asset management firm.
Citi Ventures co-led a $6 million initial capital financing round for xalts, which was co-founded by a former trader at HSBC Holdings and a former executive at Meta Platforms Inc. Accel, the Palo Alto, California-based venture-capital firm that has funded technology companies that include Facebook and Spotify, was the other firm that co-led the funding round. Citi Ventures didn’t disclose the amount it invested. Polygon co-founder Sandeep Nailwal and other hedge fund managers were also investors.