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Venture capital firm Sequoia Capital will create a special fund focused on liquid tokens and cryptocurrencies, Bloomberg writes, citing a statement from the firm. The size of the fund will range from $500 million to $600 million.
The creation of a separate fund goes against the approach Sequoia has taken throughout its 50-year history - the company has never created separate funds for specific sectors before, Bloomberg notes.
Now, the move will allow Sequoia to work around the rules that allow investments in cryptocurrencies to represent only 20 percent of a venture capital fund's total investments, the agency explains. The new fund will use funds from Sequoia's existing partners rather than freshly raised funding.
source: bloomberg.com
The creation of a separate fund goes against the approach Sequoia has taken throughout its 50-year history - the company has never created separate funds for specific sectors before, Bloomberg notes.
Now, the move will allow Sequoia to work around the rules that allow investments in cryptocurrencies to represent only 20 percent of a venture capital fund's total investments, the agency explains. The new fund will use funds from Sequoia's existing partners rather than freshly raised funding.
source: bloomberg.com