Some of the key members of NovaWulf, the digital asset investment firm that tried to acquire Celsius, have announced the creation of a new firm called Valinor, which will focus on blockchain and financial innovation opportunities.
NovaWulf, the digital asset investment firm that made a bid for the bankrupt crypto lender Celsius, has closed its doors, and some of its team members have launched a new venture called Valinor, according to an email obtained by CoinDesk.
Valinor is a new investment entity that will pursue opportunities related to blockchain and financial innovation, the email said.
The firm is led by former NovaWulf employees Connor Dougherty and Lily Yarborough, who have the backing and collaboration of two of their former partners at NovaWulf, a person involved in the new venture told CoinDesk.
The person said that the founding partners of NovaWulf decided to part ways amicably and pursue different opportunities in the crypto sector, given the changes and diversity in the market.
NovaWulf was one of the bidders for Celsius, the crypto lending platform that filed for bankruptcy in July 2022 after losing billions of dollars in user deposits.
NovaWulf lost the bidding war to Fahrenheit, a consortium of buyers that includes venture capital firm Arrington Capital and miner US Bitcoin Corp. Fahrenheit offered $4.7 billion for Celsius, which had more than $2 billion in assets under management.
Valinor is the latest example of the dynamic and competitive nature of the crypto industry, where new players emerge, and old ones fade away.
The firm aims to capitalize on the growing opportunities in the blockchain and fintech space, leveraging the experience and expertise of its team members and partners.
