Sequoia Capital, one of Silicon Valley’s most influential venture capital groups, plans to move deeper into cryptocurrency markets, earmarking at least $500mn for investments in digital assets.
The California-based firm announced on Thursday that it had set aside between $500mn and $600mn for a new fund that would primarily invest in cryptocurrency tokens traded on third-party exchanges.
The move forms part of a business-wide restructuring, with a dedicated fund allowing it to play a more active role in cryptocurrency networks, including validating transactions and voting on governance matters.
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