PANews reported on January 10 that according to The Block, Offchain Labs, the team behind Ethereum Layer 2 network Arbitrum, has appointed Ira Auerbach as the head of its partner studio and venture capital division Tandem. Auerbach previously served as the head of Nasdaq's digital assets department and held several leadership positions at the cryptocurrency exchange Gemini, including head of global core business. In his new position, Auerbach will lead Tandem, which supports selected blockchain projects.
Tandem was founded in August last year to support initiatives that solve the "hardest technical problems" that hinder widespread adoption of cryptocurrencies. The division operates two businesses, the Partner Studio and the Venture Capital division. "Tandem-backed projects are not limited to the Arbitrum ecosystem," Auerbach said. "Tandem is not necessarily tied to the Arbitrum ecosystem, so it will not be a dedicated fund for that community." Auerbach declined to disclose the size of the Tandem fund, the amount of projects invested so far, and whether the investments were made in cash or Arbitrum's native ARB token.
As part of the Partner Studio, Tandem is currently working with two projects: Espresso Systems, which develops decentralized sequencing infrastructure, and Ex Populus, the developer of the gaming blockchain XAI. Auerbach said that Tandem is constantly in talks with more startups, but will only establish partnerships with a few projects each year. In terms of venture capital, Auerbach said that Tandem is expanding its investment fund and hopes to announce multiple investments in the coming months.
