NEW YORK (Reuters) – Alpha Sigma Capital, a U.S.-based digital asset fund, and Rework Ventures, a enterprise capital agency, will increase $100 million for 2 new funds targeted on the blockchain and so-called decentralized Internet 3.0 ventures, Alpha Sigma founder and Chief Government Officer Enzo Villani mentioned on Wednesday.

Rework Ventures, based by crypto investor Michael Terpin, additionally merged a few of its belongings with Alpha Sigma’s guardian to type a brand new holding firm known as Alpha Rework Holdings. The latter will oversee the 2 new funds.

Terpin in 2019 gained $75.8 million in a civil judgment in opposition to Nicholas Truglia, who was 21 years previous on the time and a part of a scheme that defrauded Terpin of digital currencies, in line with courtroom paperwork. Truglia together with different individuals stole 3 million tokens from Terpin’s cellphone account in early 2018.

The brand new Alpha Liquid digital belongings fund was launched early this month, with an preliminary funding by Terpin, who made a private funding in money, bitcoin and ethereum of $2.65 million, with an possibility to take a position an extra $2.9 million.

The second fund, a closed-end enterprise capital agency known as the Aegean Fund, continues to be within the strategy of being established, Villani mentioned.

These new funds have emerged because the cryptocurrency trade faces extra intense scrutiny after the high-profile chapter of crypto trade FTX in November and the collapse of a number of different market gamers corresponding to lender Celsius Community.

“The actual progress of blockchains and the true progress of Internet 3 are beginning to occur,” Villani instructed Reuters in an interview. Internet 3.0 refers back to the third iteration of the web by which customers work together with information by means of using synthetic intelligence and machine studying, amongst others.

“Numerous issues which can be occurring proper now (within the crypto and blockchain house) could also be difficult. However I believe the trade could be going by means of these (challenges) anyway,” he added.