The amount raised by Pantera Capital for a fund targeting Web3 startups has reached $1.3 billion. The figure was disclosed at a client conference, according to Cointelegraph.
As of November 2021, the vehicle had attracted targeted $600 million. At that time, the firm expected the fund to grow to $1 billion by March 2022.
The Blockchain Fund’s capital will be deployed to acquire equity stakes, liquid tokens and coins prior to listing on exchanges.
“Over the next three to four weeks we will close the investment window for the fund as due diligence procedures are completed by some major institutions,” said Pantera Capital CEO Dan Morehead.
The CEO said that subscriptions for Blockchain Fund II 2023 would open thereafter. Its investment policy would be similar to the previous fund.
The firm also announced the May launch of Pantera Select Fund with a target size of $200 million. Over the next 18 months the fund will select roughly 10 mature, revenue-generating projects for investment, with a focus on infrastructure, blockchain gaming, NFTs, metaverses, DEXs and DeFi.
In February, Morehead described cryptocurrencies as the best asset for preserving savings. Earlier, the Pantera Capital CEO predicted that over the next 10–20 years up to 50% of all transactions, in some form, would be carried out via Ethereum.
Earlier Haun Ventures attracted $1.5 billion into two crypto funds focused on Web 3.0. The firm is linked to former Andreessen Horowitz general partner Katie Haun.
Subscribe to ForkLog news on Telegram: ForkLog Feed — the full news feed, ForkLog — the most important news, infographics and opinions