In case you missed it, my story today shows the increasing number of crypto companies that have launched VC arms. Out of the top 25 most valuable crypto companies, 20 have made at least one investment and 15 have launched or plan to launch venture arms to make investments in other startups. Just in the past year, eight of the 15 companies with venture arms launched their firms, most of which invest off their companies’ balance sheets.

Here’s a bit more detail about how the venture arm of one of those companies—Gemini, the cryptocurrency exchange founded by Bitcoin investors Cameron and Tyler Winklevoss—operates. In an interview, Gemini’s head of strategy, Marshall Beard, told me that he oversees a team of six people that help run the venture arm, called Gemini Frontier Fund. Additionally, that team works on mergers and acquisition, global expansion plans and strategic partnerships.