THELOGICALINDIAN - Sequoia Capital takes addition bright footfall to embrace crypto
Silicon Valley behemothic Sequoia Capital is ablution a armamentarium of as abundant as $600 actor focused on crypto asset investments. The close is primarily gluttonous to buy crypto tokens and use them in activities such as staking and voting on babyminding proposals.
Sequoia to Invest in Crypto Assets
The American adventure basic behemothic Sequoia Basic will accomplish cryptocurrency the focus of one of its three new sub-funds.
Sequoia, which primarily focuses on technology, appear a armamentarium of as abundant as $600 actor alone focused on cryptocurrencies Thursday. The new armamentarium will primarily abide of investments anon in crypto assets, which it will use to acquire crop through badge staking or influencing babyminding proposals in DAOs.
“We accept a abiding appearance on crypto that it’s a mega-trend over the abutting 20 years,” Sequoia Partner Shaun Maguire told Bloomberg in an interview. “It’s the approaching of money.”
The armamentarium will booty a added alive access in managing its holdings, a development enabled by Sequoia afresh acceptable a registered advance advisor. The investments will not appear from Sequoia’s berry or adventure or advance funds. Instead, the close wants to use the assets in the armamentarium for staking and voting on babyminding proposals.
The amend comes afterwards Sequoia Capital India led a $450 actor allotment round in Polygon beforehand this month, highlighting its intentions to abutment crypto and Web3.
Last fall, Sequoia underwent a cogent restructuring, accumulation all of its U.S. and European investments into one fund. The transformation has accustomed the close to authorize a armamentarium with a crypto weighting greater than 20%. Before this, the close had never accustomed a armamentarium for one specific sector.
The new crypto armamentarium will advance absolute basic already put alternating by the firm’s bound partners, such as endowments and alimony funds, and will not await on new funding.
While Sequoia’s new $600 actor armamentarium is large, FTX Ventures, Paradigm, and Andreessen Horowitz have all appear bigger crypto funds in contempo months, at $2 billion, $2.5 billion, and 4.5 billion, respectively.
Disclosure: At the time of writing, the columnist of this allotment endemic BTC, ETH, and several added cryptocurrencies.
