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Crypto VC Firm Multicoin Capital Is Targeting DeFi, Web3, NFTs and More in New $100 Million Fund

Key highlights:

  • Cryptocurrency venture capital firm Multicoin Capital has announced that it raised a new $100 million fund
  • The fund has already been active for several months
  • Multicoin Capital is interested in investing in various areas of the crypto and blockchain space, including DeFi, Web3, NFTs, gaming and more

Multicoin Capital announces new $100 million crypto venture capital fund

Venture capital firm Multicoin Capital announced that it raised $100 million to launch a new venture fund for investing in cryptocurrency projects. Multicoin Capital says that the fund is investing in both equity and tokens, and that it has already been active for several months.

According to the company’s post, the new fund expects to invest in a variety of cryptocurrency projects, including those operating in the areas of decentralized and Web3. When it comes to DeFi, Multicoin Capital highlighted the Solana blockchain, and the Serum decentralized exchange that’s built on top of it.

“After the most recent Solana + Serum hackathon, it’s clear 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.”

Multicoin Capital also says that it’s interested in projects that use cryptocurrency to incentivize people  to create physical infrastructures – here, the company highlighted Helium, a project that allows people to earn cryptocurrency for providing wireless network coverage. 

Other areas that Multicoin Capital is looking into are social applications with a financial component that leverages cryptocurrency tech, as well as unique opportunities in the field of gaming that are specifically enabled by cryptocurrency.

Of course, the new $100 million fund is also looking for opportunities in the NFT (non-fungible token) space. More specifically, Multicoin Capital outlined social tokens, digital collectibles and the Metaverse as areas where NFT tech can make a big impact. 

The cryptocurrency market has seen tremendous growth in the last year – while the total cryptocurrency market cap was $251 billion just a year ago, it is now sitting at a whopping $2.24 trillion. Given this context, it’s no surprise that there’s a lot of appetite for venture capital investing in the crypto and blockchain space. According to recent reports, venture capital firm Andreessen Horowitz is looking to raise up to $1 billion for a new crypto venture fund.

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