CoinFund raises $158 million to create a crypto fund

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invest_b-min

New York-based venture capital firm CoinFund has received a $158 million investment to create a fund focused on digital assets. It is reported by Bloomberg.

According to the chief executive of the company, Jake Bruchman, the organization originally planned to raise $125 million.

CoinFund uses funds to fund early stage crypto and AI projects. The firm will also continue to invest in tokens.

The company’s chief investment officer, Alex Felix, said that about 90% of the organization’s transactions are related to digital assets. According to CoinFund executives, the industry is still capable of “engaging closely with traditional markets in a regulated manner.”

Bruchman noted an “exceptionally difficult” year in 2022, but during this period his organization managed to raise more than $550 million. Part of the problem is that the main players were interested in digital assets on the rise, but retreated on the fall, he added.

CoinFund already has four venture funds. The latter organization funded the NFT company Dapper Labs and the infrastructure startup Blockdaemon.

Recall that in May, the TON blockchain team created a $250 million venture fund to finance DeFi projects.

Dispersion Capital later announced the launch of a $40 million investment vehicle focused on Web3 infrastructure.

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