1 year ago
Venture superior institution Tribe Capital, which has antecedently backed cryptocurrency firms Kraken and Bitfinex, has introduced a caller crypto money and is targeting a $100 cardinal rise for the fund, sources acquainted with the substance told CoinDesk.
San Francisco-based Tribe, which has $1.6 cardinal successful assets nether management, plans to marque early-stage investments of $500,000-$3 cardinal successful furniture 1 and 2 ecosystems, decentralized concern (DeFi) projects and infrastructure plays to bring real-world assets connected chain, the sources said.
Specifically, Tribe wants to assistance thrust the improvement of protocols which tin supply security, scalability, liquidity and cross-chain compatibility truthful that the crypto ecosystem garners greater trust, frankincense fuelling further adoption.
The "Digital Future Fund I" follows Tribe's erstwhile cryptocurrency fund, for which it raised $75 million successful October 2021.
Venture superior and different investments into crypto companies plunged implicit 90% successful January compared to a twelvemonth earlier, reflecting the turbulent events of 2022 brought to a caput by FTX's illness successful November.
Tribe nevertheless whitethorn not beryllium peculiarly phased, contempt having held FTX successful its portfolio. Instead, it was reportedly considering starring a $250 cardinal money raise to assistance the bankrupt speech restart operations.
The VC did not respond to CoinDesk's petition for comment.
Edited by Parikshit Mishra.
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