Multicoin Capital to raise $250 million for third crypto-focused venture fund


Crypto-focused hedge fund Multicoin Capital plans to raise $250 million for a third venture fund aimed at crypto startups, The Information reported after reviewing the company’s fundraising materials. 

Austin, Texas-based Multicoin had already raised $100 million for a second fund in May, and plans to finish fundraising by the end of 2021. It joins other firms bolstering their crypto funds this year, including Andreessen Horowitz .

Multicoin is interested in exploring opportunities in decentralized finance (DeFi) interest rate markets, its co-founder Tushar Jain wrote on Oct. 6. The firm recently led a funding round for the DeFi project Strips Finance, which intends to set up a decentralized exchange for trading interest rates.

Binance invested in Multicoin in March, making it a partner of the hedge fund. Multicoin also received funding from Ribbit Capital, Union Square Ventures, venture capitalist Marc Andreessen and former PayPal Chief Operating Officer David Sacks.

Trending Stories

Source link