Sequoia announced its first-ever cryptocurrency-dedicated fund as part of which it is looking to secure $500 million to $600 million.
One of the oldest and most influential venture capital firms – Sequoia – has become even more active in the cryptocurrency space. In the latest development, it announced a new sub-fund of $500-$600M that will focus primarily on liquid tokens and digital assets.The newly unveiled Sequoia Crypto Fund will help the California-based firm to participate more actively in protocols, better support token-only projects, and understand the ecosystem.
The fund in question will back layer 1 protocols, layer 2 add-on systems, decentralized finance , centralized applications, the data layer, payments, gaming, Web 3, NFT, and consumer and enterprise infrastructure. Sequoia also plans to continue to join forces and invest in crypto teams out of its seed, venture, growth, and expansion funds.“The area in crypto where we have the most opportunity for improvement is really in the liquid stuff.
In addition to the new crypto investment vehicle, Sequoia created Ecosystem Fund and Expansion Fund . Interestingly, both products will support a myriad of technologies, including cryptocurrency. Proceeds from these sub-funds will be directed to Sequoia Capital Fund.Sequoia believes crypto may “megatrend” over the next two to three decades. Maguire noted that the industry is the future of money and went on to add that the company has a long-term view of the industry.
Over the past few years, the company has forged partnerships with many prominent faces of the industry. These include Sam Bankman-Fried at FTX, Jack Dorsey at Block, Uri Kolodny and Eli Ben-Sasson at StarkWare, and Michael Shaulov at Fireblocks, to name a few. With the fund in the picture, such deals are expected to increase.leading a financing round for the Ethereum layer 2 scaling solution Polygon.
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