Tribe Capital, a well-known firm for investments in FTX and Kraken, will launch a $75 million venture fund. Startups will receive three-quarters of the funds from the United States of America. Consequently, the remaining 25% – from other regions of the world.
According to CoinDesk sources, Tribe Capital initially planned to raise $50 million. In addition, high interest from investors has allowed raising this bar.
Thus, the structure will focus on participating in simple agreements for future tokens (SAFT); buying tokens of projects at an early stage, profitable farming and mining. Previously in September, the fund invested $10 million in Floating Point Group during the Series A funding round. The company offers storage and algorithmic asset trading services.
Venture fund from Paradigm
Recall that the investment company Paradigm will create a venture fund ranging in size from $1.25 billion to $1.5 billion to finance cryptocurrency startups. The deck mentioned a minimum general partner commitment of 1% in addition to the funds raised from Paradigm’s limited partners. According to an investor deck, the firm’s fundraising campaign will end on November 12.
At the beginning of the year, Paradigm and Ribbit Capital led the Series A funding round of the Indian crypto exchange CoinSwitch Kuber for $15 million.
According to The Block, this was the first cryptocurrency investment by Ribbit Capital in India. “India can become one of the world’s largest cryptocurrency markets,” Paradigm said.
The revolutionary potential of blockchain and cryptocurrencies
Earlier in June, Andreessen Horowitz (a16z) launched a third cryptocurrency fund with $2.2 billion in assets to invest in companies at all stages of development.
In the blog, representatives of a16z noted the revolutionary potential of blockchain and cryptocurrencies, their ability to change all aspects of human life.
The company is confident that the new technology will restore trust and create a new type of management based on collective decision-making. Moreover, Anthony Albanese, a partner and former chief regulatory officer at the New York Stock Exchange (NYSE), headed the structure.