Silicon Valley investor Tim Draper established venture capital firm Draper X Ventures in Busan-jin district, Busan in early this month, according to the VC industry on the 22nd. The firm is located in Tium, a shared office space for VCs and accelerators operated by the Busan Technology Startup Investment Agency, with Lee Se-yong, CEO of Draper Startup House Korea (DSH Korea), serving as representative. Industry observers attribute Draper's choice of Busan over the Seoul metropolitan area to the city's status as a blockchain regulatory-free special zone, designated in 2019, as Busan accelerates its transformation into a digital asset hub city.
Tim Draper Establishes Draper X Ventures in Busan
Draper X Ventures was established in early this month in Busan-jin district, Busan. Lee Se-yong, CEO of DSH Korea, was appointed as the representative of the new entity. The firm is based in Tium, a shared office facility operated by the Busan Technology Startup Investment Agency specifically for VCs and startup planners.
Draper established DSH Korea in 2024 to focus on early-stage startup incubation and investment linkage in South Korea. DSH Korea registered as an accelerator with the Ministry of SMEs and Startups in April.
Busan Designated as Blockchain Special Zone in 2019
Busan was designated as a blockchain regulatory-free special zone in 2019. The city is accelerating its transformation into a digital asset hub. The special zone recruited accelerators and VCs separately this year to support the commercialization of blockchain companies.
Draper's Bitcoin Advocacy and Investment History
Draper has consistently delivered significant messages to the virtual asset market. In March, he claimed that quantum computing would threaten banking systems before blockchain, arguing that Bitcoin is safer than bank deposits. In April, he reaffirmed his forecast that Bitcoin would reach $250,000 within 18 months, citing inflation and dollar weakness as grounds.
In 2018, Draper appeared via video at a blockchain forum in Seoul, claiming that buyers at that time could achieve 40-fold returns.
Tim Draper is a Silicon Valley venture capitalist known for major investments ranging from Hotmail and Skype to Tesla, SpaceX, Baidu, and Coinbase. According to Forbes, his wealth amounts to $2 billion (approximately 2.7 trillion won). In 2014, he won the entire lot of approximately 30,000 Bitcoin seized from Silk Road at a US Marshals auction, attracting global attention.
FAQ
What did Tim Draper establish in Busan?
Tim Draper established a venture capital firm called Draper X Ventures in Busan-jin district, Busan in early this month. The firm is located in Tium, a shared office operated by the Busan Technology Startup Investment Agency, with Lee Se-yong of DSH Korea serving as representative.
Why did Tim Draper choose Busan as his investment base?
Industry observers attribute Draper's choice to Busan's status as a blockchain regulatory-free special zone, designated in 2019. The city is accelerating its transformation into a digital asset hub and actively recruits accelerators and VCs to support blockchain company commercialization.
What Bitcoin price prediction did Tim Draper make in April?
In April, Draper reaffirmed his forecast that Bitcoin would reach $250,000 within 18 months, citing inflation and dollar weakness as grounds for his prediction.
