Sequoia Capital launches crypto fund worth up to $600M

By  (contrib. Fatstack)
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Venture capital firms have identified crypto and blockchain as the next megatrend.

American venture capital firm Sequoia Capital has launched a new cryptocurrency fund as part of its ongoing efforts to bootstrap the next generation of promising crypto-focused startups.

Bloomberg reported Thursday that Sequoia is allocating up to $600 million towards the new sector-specific fund. Shaun Maguire, a partner at Sequoia, described crypto as a “megatrend over the next 20 years” and called it “the future of money.”

The new crypto fund is part of three new sub-funds that were introduced by Sequoia on Thursday. The new funds, which operate under the Sequoia Capital Fund, will rely on capital that’s already committed by the firm’s limited partners.

Sequoia is no stranger to the cryptocurrency market, having financed dozens of projects in the space. As Cointelegraph reported, Sequoia recently led a $450 million funding round for layer-2 scaling solution Polygon. . . .