Crypto Venture Capital (VC) firm Polychain Capital has raised the sum of $200 million for its fourth fund as it looks to double down on its investment in the industry.
Polychain Funding: First of Many?
According to a report from Fortune citing people familiar with the matter, the Polychain Capital funding is the first close in what might be more rounds to come. While it has raised the sum of $200 million thus far, the projected target is $400 million and this current close is an indication that it will continue to lobby investors while it can also start deploying capital to startups.
Thus far, the Venture Capital ecosystem has yet to experience so much activity as the industry has had to deal with more headwinds bothering regulations across the board.
While growth has been somewhat mild thus far this year, the focus for most stakeholders has been hinged on regulatory clarity which by extension has led to the growing clamor for the United States Securities and Exchange Commission (SEC) to approve the first spot Bitcoin (BTC) Exchange Traded Fund (ETF) product for the country.
While there is currently low focus on it, the massive funding round is also a testament that the broader digital currency is no longer focusing on the downsides of the crypto winter with more push toward future growth strides.
Polychain is also doing all it can to lead the future VC venture with its current funding and the more than $2.6 billion it has raised thus far across three funds.
More VCs to Follow Soon?
There has been a relatively lower interest in bootstrapping crypto firms by VCs but we may begin to see changes in this regard very soon.
As reported earlier by Coingape, top VCs denied injecting funds into OPNX Exchange, the trading platform founded by Su Zhu and Kyle Davies, the drivers of the now-defunct hedge fund Three Arrows Capital (3AC). Additionally, John Ray III, the CEO of the bankrupt FTX Derivatives Exchange is also seeking out investors in hopes of reviving the platform as FTX 2.0.
The VC world may be rebooting in hopes that a new bull run may be underway in the mid to long term.
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