California-based enterprise capital agency, Sequoia Capital, is doubling down on its bullish stance in the digital forex ecosystem with the launch of a $500 to $600 million funding dubbed the Sequoia Capital Fund.
As detailed by the corporate, the institution of the fund is aimed toward changing into an energetic participant in the important thing decentralized and open-source protocols that it backs.
According to the corporate, its main companions in the crypto ecosystem have usually requested it to do extra than simply make investments in the house and evolve into both a liquidity supplier of any of such associated actions that sustains a blockchain-backed mission. With the brand new funds, Sequoia Capital will make investments “primarily on liquid tokens and digital assets.”
“Our goal with this fund is to participate more actively in protocols, better support token-only projects, and learn by doing ourselves,” the Venture Capital stated in an announcement. “We remain committed to working collaboratively with the crypto community, including providing ongoing support for open-source research. We will also continue to partner with crypto teams across every stage of their journey out of our seed, venture, growth, and expansion funds.”
According to a Bloomberg report, citing Shaun Maguire, a associate at Sequoia Capital, crypto is believed to be a expertise that can kind a “megatrend over the next 20 years” moreover calling it “the future of money.”
Founded in 1972 by Donald T Valentine, Sequoia Capital has all the time put its cash the place its mouth is and the agency has various sizable stakes in digital currency-based companies. As reported by Blockchain.News, Sequoia Capital led the current $450 million Polygon Network non-public token sale earlier this month.
The firm can also be a significant investor in Reddit, in addition to FTX Derivatives Exchange. The new Fund and the corporate’s plans are billed to remodel Sequoia from only a passive associate to a significant offshoot that helps hold protocols operating.
Image supply: Blockchain.information