Intersection Crypto Ventures (ICV), the venture investment platform associated with Intersection Growth Partners (IGP), is launching its second fund, ICV II, having raised $100 million to date.
IGP, a leading executive search firm focused on crypto and Web3, also just hired David Puth as co-managing partner. He will help lead the investment strategy at Intersection. He is also currently a senior advisor to Circle. In his new role at ICV, David will lead sourcing, evaluation, execution, and management of investment opportunities alongside co-managing Partner Scott Fletcher.
“David is a highly respected financial services and crypto leader with a track record of building and managing complex global businesses,” said Fletcher in a statement. “His 30 years of operating experience in both TradFi and crypto will be invaluable to both ICV and our portfolio companies. We are thrilled to welcome David to the Intersection team.”
Puth had been CEO of Centre Consortium, the body that oversees the USDC stablecoin, which has a $51 billion market cap. Prior to that he served as head of global markets at State Street and head of currencies commodities and emerging markets and served as a member the executive committee at JPMorgan Chase.
ICV invests in the companies for which IGP helps build the leadership teams. The Intersection team began investing capital in its clients in 2019 as a means of deepening alignment and strengthening its partnerships and to date have invested in pioneering projects and protocols including Circle, Anchorage Digital, TRM Labs and Forte, among others.
“Intersection is not only a dominant executive search business in crypto and web3, but also an investor in some of the most exciting companies in the space,” Puth added.
Officials added that the launch of ICV II will enable the Intersection team to continue to support clients with both financial and human capital, while seeking to give ICV Limited Partners access to sought-after investment opportunities.
“While we believe the investment opportunity in crypto and web3 is immense, access to the best deals remains extremely difficult,” ICV Chief Operating Officer Catherine Muller added, in a statement. “IGP recruits leadership teams for many of the most prominent organizations, and, as a result, ICV is viewed as a truly valued-added investor. We have had the privilege of backing and building many visionary teams and look forward to continuing to do so on an even greater scale going forward.”
