Sequoia Capital raises up to $600 million in crypto funds

Sequoia Capital has announced a cryptocurrency-focused fund that will invest up to $600 million in digital assets.

Sequoia Capital announced Thursday that it has raised a cryptocurrency-focused fund with between $500 million and $600 million in capital, becoming the latest Silicon Valley giant to pour money into the crypto space.

The new fund will primarily invest directly in crypto assets and use them to generate returns by tokenizing or influencing governance proposals in DAOs. Shaun Maguire, a partner at Sequoia, said:

“The area of ​​cryptocurrencies where we have the most room for improvement is in the area of ​​cash. Our founders asked us for a lot of help there and we just weren't able to help with the traditional venture capital model."

The update comes after Sequoia Capital India led a $450 million funding round in Polygon earlier this month, underscoring its intent to back crypto and Web3.

Sequoia's push shows how big tech investors are increasingly plunging into the cryptocurrency markets in search of the explosive financial returns previously reserved for enthusiasts and specialty funds.

In general, Sequoia Capital invests in a number of sectors besides crypto, such as technology, financial services, energy, and healthcare. The fifty-year-old company has $80 billion in assets under management, according to PitchBook.

Meanwhile, Bitcoin held above the USD 41,500 resistance level over the past weekend after failing to break the USD 46,000 resistance level.

Some cryptocurrency experts are confident that Bitcoin will return to $50,000 before the end of February, although other scenarios point to a fundamental bearish high of $44,000 before it starts marking down.

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