Sequoia Capital launches crypto fund worth up to $600M

American task superior steadfast Sequoia Capital has launched a caller cryptocurrency money arsenic portion of its ongoing efforts to bootstrap the adjacent procreation of promising crypto-focused startups.

Bloomberg reported Thursday that Sequoia is allocating up to $600 cardinal towards the caller sector-specific fund. Shaun Maguire, a spouse astatine Sequoia, described crypto arsenic a “megatrend implicit the adjacent 20 years” and called it “the aboriginal of money.”

The caller crypto money is portion of 3 caller sub-funds that were introduced by Sequoia connected Thursday. The caller funds, which run nether the Sequoia Capital Fund, volition trust connected superior that’s already committed by the firm’s constricted partners.

Sequoia is nary alien to the cryptocurrency market, having financed dozens of projects successful the space. As Cointelegraph reported, Sequoia precocious led a $450 cardinal backing circular for layer-2 scaling solution Polygon. The steadfast was down a $25 cardinal equity circular for DeFi wallet DeBank and the $50 cardinal rise for StarkWare. Sequoia besides participated successful a $1.15 cardinal concern circular for Citadel Securities, which is broadening its vulnerability to integer assets.

Venture superior fell successful emotion with the blockchain successful 2021, with a caller @CBinsights study showing a 713% summation successful funding. https://t.co/6n0RGLzN1o

— Cointelegraph (@Cointelegraph) February 5, 2022

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Global blockchain backing reached $25.2 cardinal successful 2021, having grown 713% implicit the erstwhile year, according to information from CBI Insights. Venture superior backing has mostly focused connected crypto adoption, with firms backing projects crossed assorted sub-sectors including nonfungible tokens, decentralized finance, crypto exchanges and infrastructure services. More recently, task superior has placed greater accent connected Web3, metaverse and GameFi projects.