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Sequoia Capital is Looking to Invest $500-$600M in Crypto Tokens

Sequoia Capital is Looking to Invest $500-$600M in Crypto Tokens
© Copyright Image: DailyCoin.com

Silicon Valley’s tech-oriented venture capital firm Sequoia Capital launches a new cryptocurrency-oriented fund of at least $500 million. Sequoia Capital through its sub-fund, the Sequoia Crypto Fund, will primarily invest in liquid tokens – crypto tokens traded on third-party exchanges.

“The area in crypto where we have the most opportunity for improvement is really in the liquid stuff. Our founders have asked us for a lot of help there, and we just haven’t been able to deliver in the traditional venture capital model,” 

Shaun Maguire, a partner at Sequoia, told Financial Times. 

Last year, one-fifth of the firm’s investments were targeted at cryptocurrency companies in the US and Europe. Financial Times also mentioned that Sequoia Capital filed to become a registered investment adviser with the US Securities and Exchange Commission. This allows the venture capital firm to invest larger amounts into cryptocurrency.

On the Flipside

  • Sequoia Capital has not yet revealed which tokens the fund will purchase, though it previously invested in crypto-derivatives exchange FTX, crypto platform Fireblocks, decentralized crypto storage network Filecoin, and many others.
  • According to Forbes, global venture capital firms had poured $30 billion into the crypto startups last year. 2022 is likely to set a new record. 

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Read more: https://dailycoin.com/sequoia-capital-is-looking-to-invest-500-600m-in-crypto-tokens/

Text source: DailyCoin.com

Disclaimer: Financial information and news are not financial advice, read the disclaimer.
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