Crypto venture firm Multicoin Capital announced a new fund worth $100 million into DeFi, NFT, and other crypto projects
According to an announcement Tuesday, crypto investment firm, Multicoin Capital has launched a new $ 100 million fund.
Crypto venture firm Multicoin Capital announced a new fund worth $100 million into DeFi, NFT, and crypto projects
“The Venture Fund II would invest in several crypto sectors, including decentralized finance (DeFi), non-fungible tokens (NFTs), Web3 applications, and crypto infrastructure projects.”
Specifically, at DeFi, the fund is interested in investing in projects that are building on Solana, which Multicoin has previously invested.
Multicoin added that:
“There will be a burgeoning DeFi ecosystem on Solana written natively in Rust that takes advantage of Solana’s performance, and plugs into Serum’s composable on-chain order book.”
As for NFTs, Multicoin said that it is convinced that virtual world projects, known by some as the Metaverse, will be a massive opportunity.
When asked why, Kyle Samani, managing partner at Multicoin Capital, said:
“One of the most important trends in the world over the last 20 years has been that people spend an increasing percentage of their time online. The Metaverse represents the logical conclusion of that trend.”
Besides DeFi and NFTs projects, Multicoin said it is also looking to invest in cryptocurrency distribution platforms for creators, game platforms, and Web3 infrastructure projects through its second fund.
The firm stated:
“Over the next few years, there is going to be an incredible wave of innovation in Open Finance and Web3, as well as new kinds of crypto-enabled infrastructure and applications. This wave will only be possible because the underlying infrastructure has matured to a sufficient level. We expect to deploy a significant amount into these areas out of Venture Fund II over the next few years.”
Multicoin’s second fund was closed last November and has already made some investments, without sharing project names.
Multicoin’s first fund is fully deployed, said Samani, but declined to share its size. That fund invested in more than 30 projects, including Solana, The Graph, Audius, Helium, and Arweave. Multicoin also announced that it has promoted three of its team members — Matt Shapiro, Mable Jiang, and John Robert Reed — to partners.
- Dogecoin Price Reach The ATH After EToro Lists The Joke Coin For 20 Million Users, Days Before ‘Dogefather’ Musk Appears On SNL
- Bitfinex Listed DOGE Pairs For Margin Trading, Users Can Use Dogecoin To Purchase Major League Baseball Tickets