Crypto funding agency Multicoin Capital has launched a brand new fund value $100 million, in line with a Tuesday announcement.
The Enterprise Fund II would spend money on a number of crypto sectors, together with decentralized finance (DeFi), non-fungible tokens (NFTs), Web3 purposes, and crypto infrastructure tasks, stated Multicoin.
Particularly, in DeFi, the fund is investing in tasks which are constructing on Solana, which Multicoin invested in beforehand.
Multicoin stated that “there will probably be a burgeoning DeFi ecosystem on Solana written natively in Rust that takes benefit of Solana’s efficiency, and plugs into Serum’s composable on-chain order e-book.”
As for NFTs, Multicoin stated that it’s “satisfied” that digital world tasks, identified by some because the Metaverse, will probably be a “huge” alternative. When requested why, Kyle Samani, managing associate of Multicoin Capital, informed The Block: “Probably the most necessary traits on the earth during the last 20 years has been that folks spend an growing share of their time on-line. The Metaverse represents the logical conclusion of that development.”
Apart from DeFi and NFTs tasks, Multicoin stated it is usually seeking to spend money on crypto-native distribution platforms for creators, gaming platforms, and Web3 infrastructure tasks via its second fund.
“Over the subsequent few years, there’s going to be an unbelievable wave of innovation in Open Finance and Web3, in addition to new sorts of crypto-enabled infrastructure and purposes,” stated the agency. “This wave will solely be attainable as a result of the underlying infrastructure has matured to a ample degree. We count on to deploy a big quantity into these areas out of Enterprise Fund II over the subsequent few years.”
Multicoin’s second fund was closed final November and has already made some investments, Samani informed The Block, with out sharing mission names.
Multicoin’s first fund is totally deployed, stated Samani, however declined to share its dimension. That fund invested in additional than 30 tasks, together with Solana, The Graph, Audius, Helium, and Arweave, as The Block Research reported recently.
Multicoin additionally introduced that it has promoted three of its group members — Matt Shapiro, Mable Jiang, and John Robert Reed — to companions.
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