Multicoin Capital, an investment firm focused on cryptocurrency and blockchain companies, is planning to raise $250 million for a third crypto-focused venture fund, according to an article by The Information.
- The company, based in Austin, Texas, intends to complete the raise by the end of 2021, according to the story, which cited fundraising materials that the publication had seen.
- The initiative comes less than six months after Multicoin Capital raised $100 million for its second crypto venture fund.
- It is the latest in a series of large funds that major venture capital firms have created this year or are in the process of raising to focus on cryptocurrency and blockchain projects. In June, Andreessen Horowitz raised $2.2 billion for its third crypto fund. Paradigm, the cryptocurrency venture capital firm led by Coinbase co-founder Fred Ehrsam, is looking to close a $1.5 billion fund for startup investments, according to documents viewed by CoinDesk.
- In the ensuing years, Multicoin Capital will be looking to invest in crypto companies that others might miss.
- Multicoin Capital Managing Partner Tushar Jain has called blockchain “the best social good in the world.”
- In an email to CoinDesk, a Multicoin Capital spokesperson said the firm had no comment on The Information report.
Read more: Multicoin Raises $100M for New Crypto Venture Fund
UPDATE (Oct. 19, 0:47 UTC): Adds reply from Multicoin Capital spokesperson.