10.9 C
Thursday, March 23, 2023

Sequoia Capital Launches $600M Crypto Fund, Sees 20 Year ‘Megatrend’ – Bitcoin – United States Dollar ($BTC)

- Advertisement -spot_imgspot_img
- Advertisement -spot_imgspot_img

Major venture capital firm Sequoia Capital has launched a crypto-focused fund with allocations up to $600 million.

What Happened: The new fund is part of a broader reorganization at the firm, Bloomberg reports.

“We have a long-term view on crypto that it’s a megatrend over the next 20 years,” said Sequoia Partner Shaun Maguire. “It’s the future of money.”

In an interview with The Block, Maguire said the Sequoia Crypto Fund would invest primarily in liquid tokens. These are tokens, like Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE) that are already listed on crypto exchanges.

Crypto-focused Sequoia Partner Michelle Bailhe stated that Sequoia believes it’s still “day one for crypto.” Bailhe said the crypto fund’s investment thesis would be centered around cross-chain interoperability and GameFi projects.

In terms of specific blockchains that have piqued Sequoia’s interest, Bailhe said Sequoia has been looking at the developer activity on Terra (CRYPTO: LUNA), NEAR (CRYPTO: NEAR), Avalanche (CRYPTO: AVAX), and Polkadot (CRYPTO: DOT).

However, Sequoia hasn’t yet been able to discern a clear signal of which network could follow Solana’s (CRYPTO: SOL) trajectory of explosive growth.

The fund will reportedly be fully deployed in under a year if the crypto market enters a bear phase.

Price Action: As of Friday morning, the overall crypto market cap fell 2.8% to $1.89 trillion. Bitcoin was trading at $40,400, down 6.2% in the last 24 hours.


- Advertisement -spot_imgspot_img
Latest news
- Advertisement -spot_img
Related news
- Advertisement -spot_img