California-based venture capital firm, Sequoia Capital, is doubling down on its bullish stance in the digital currency ecosystem with the launch of a $500 to $600 million investment dubbed the Sequoia Capital Fund.
As detailed by the company, the establishment of the fund is aimed at becoming an active participant in the key decentralized and open-source protocols that it backs.
According to the company, its major partners in the crypto ecosystem have often asked it to do more than just invest in the space and evolve into either a liquidity provider of any of such related activities that sustains a blockchain-backed project. With the new funds, Sequoia Capital will invest “primarily on liquid tokens and digital assets.”
“Our goal with this fund is to participate more actively in protocols, better support token-only projects, and learn by doing ourselves,” the Venture Capital said in an announcement. “We remain committed to working collaboratively with the crypto community, including providing ongoing support for open-source research. We will also continue to partner with crypto teams across every stage of their journey out of our seed, venture, growth, and expansion funds.”
According to a Bloomberg report, citing Shaun Maguire, a partner at Sequoia Capital, crypto is believed to be a technology that will form a “megatrend over the next 20 years” additionally calling it “the future of money.”
Founded in 1972 by Donald T Valentine, Sequoia Capital has always put its money where its mouth is and the firm has a number of sizable stakes in digital currency-based firms. As reported by Blockchain.News, Sequoia Capital led the recent $450 million Polygon Network private token sale earlier this month.
The company is also a major investor in Reddit, as well as FTX Derivatives Exchange. The new Fund and the company’s plans are billed to transform Sequoia from just a passive partner to a major offshoot that helps keep protocols running.
Image source: Blockchain.news
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