Crypto-focused venture capital firm Pantera Capital has revealed its blockchain fund to value $1.3bn, during a recent investor call.
The money will go toward investing in Web3 start-ups, digital tokens with established liquidity levels and early-stage tokens.
Such funds won’t be held onto by the firm as it makes plans for second blockchain fund next year (with the aim to explore the possibilities of a growth-stage fund into 2024).
The Pantera fund launched in June last year had an initial goal of $600m (joining four other funds: Bitcoin, Liquid Token, Venture and Early Stage Token) with a future plan of a $200m Select Fund focused on a “more mature, revenue-generating companies than our typical Seed and Series A venture investments”.
This week saw crypto’s price correction decrease around 15% off both BTC and Ethereum.
Despite this, there was heavy spending across Web3 venture capital firms. Over the week, NEAR Protocol took $350m, with Binance US following shortly after with $200m to build out its exchange. It has been reported that NFT firm Genies also raised $150m.
There have also been smaller crypto companies sealing deals worldwide. In order to make such funding across the board possible, big and small, war chests have been built by crypto-centric venture capital firms.
Former general partner at Andreessen Horowitz, Kathryn Hausn announced last month she has raised $1.5bn for her Haun Ventures to invest in growing and early-stage Web3 ventures, and last June the company made $2.2m for its fund: Crypto Fund III.
Paradigm also made an announcement last year (in November) of an equally as large $2.5bn fund with FTX ventures following suit with $2bn to use for its own Web3 fund.If you want to use crypto for fun, we recommend checking out any of the available crypto betting sites like 1xBit, Sportsbet.io or Cloudbet.