Venture capital company Tribe Capital, which has previously backed cryptocurrency firms Kraken and Bitfinex, has introduced a new crypto fund and is targeting a $100 million raise for the fund, sources familiar with the matter told CoinDesk.
San Francisco-based Tribe, which has $1.6 billion in assets under management, plans to make early-stage investments of $500,000-$3 million in layer 1 and 2 ecosystems, decentralized finance (DeFi) projects and infrastructure plays to bring real-world assets on chain, the sources said.
Specifically, Tribe wants to help drive the development of protocols which can provide security, scalability, liquidity and cross-chain compatibility so that the crypto ecosystem garners greater trust, thus fuelling further adoption.
The “Digital Future Fund I” follows Tribe’s previous cryptocurrency fund, for which it raised $75 million in October 2021.
Venture capital and other investments into crypto companies plunged over 90% in January compared to a year earlier, reflecting the turbulent events of 2022 brought to a head by FTX’s collapse in November.
Tribe however may not be particularly phased, despite having held FTX in its portfolio. Instead, it was reportedly considering leading a $250 million fund raise to help the bankrupt exchange restart operations.
The VC did not respond to CoinDesk’s request for comment.
Edited by Parikshit Mishra.
https://www.coindesk.com/business/2023/05/31/venture-capital-firm-tribe-capital-targets-100m-for-latest-crypto-fund/?utm_medium=referral&utm_source=rss&utm_campaign=headlines
