Pantera raised $1.3 billion for the blockchain fund and says it has plans to raise some more with the venture capital firm stocking on as spending on Web3 enhances so let’s read more in today’s latest crypto news.
Thanks to the inflation, $1 billion doesn’t go as far as it used to, especially in the crypto economy where $100 million raises happen in a blink of an eye. Pantera raised $1.3 billion now and announced during the investor’s call that the fund is focused on blockchain enhancement that will invest in web3 startups, early-stage tokens as well as digital tokens that have established liqudity levels. It Is not planning on holding onto the cash for long as Pantera plans to spin up the sequel to the Blockchain fund in 2023 and explore a new stage for 2024.
Pantera works by taking investor money and allocating it towards projects that it finds promising but also delivers returns to investors in exchange for fees. Panera’s main goal for the fund was launched in June last year with $600 million. It joins other funds like Venture, Early-stage Token, Bitcoin, and Liquid Token. The company is planning a $200 million Select Fund to be focused on a mature and revenue-creating company than the typical Seed and Series A Venture investmetns.
Despite this week’s crypto price correction that erased 15% off both ETH and BTC in the past week, spending among Web3 venture capital firms remains heavy and in the past week, NEAR protocol took in $350 million while Binance US gathered $200 million. To make these levels of funding possible, the VC companies started building out their war chests. Kathryn Haunwho is a partner of Andreessen Horowitz, announced she had raised $1.5 billion for her Haun ventures and to invest in early-stage and growing Web3 ventures. Andreessen Horowitz also collected $2.2 billion while Paradigm and Coinbase co-founder upped their game by announcing a $2.5 billion fund.
As recently reported, Despite the many turbulences in the crypto market, Pantera Capital believes tht Bitcoin could soon rally higher in the next few weeks. According to the investment company Tax Day, this could be one of the main propellers, and the crypto industry could soon separate from the traditional financial markets and could behave independently.
Bitcoin’s past few months have been bearish and many proponents expected to see if it was going to hit $100,000 by the end of 2021 but it finished the year below $50K with the start of the year meaning many drops. February was another negative tradign day as the military conflict between Ukraine and Russia led to major price slumps for the asset but BTC managed to recover most of the losses and stands below $39,000.
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