Yet another venture firm has raised a massive fund focused on cryptocurrency- and blockchain-related startups.
Electric Capital announced its new $1 billion fund Tuesday. The Palo Alto firm plans to use its new capital to invest in cryptocurrency networks, Web3 protocols and other blockchain-enabled businesses, according to a blog post.
Firm representatives weren't immediately available for comment on the new fund.
Electric has previously invested in other cryptocurrency-related startups, including Syndicate Inc., a Mountain View-based company that helps people form ad-hoc digital currency investment clubs; and Incite Technologies Inc, a San Francisco company that does business as Saddle Finance and operates a marketplace for value-pegged cryptocurrencies.
Avichal Garg and Curtis Spencer founded Electric in 2018. Both had previously worked for Facebook parent Meta Platforms Inc., Garg as a director of product management, and Spencer as a software engineer, according to their LinkedIn profiles.
Electric is only the latest venture firm to raise a giant cryptocurrency fund.
Last month, Sequoia Capital announced it planned to invest as much as $600 million through a new fund in cryptocurrency tokens and other digital assets. In January, Andreessen Horowitz said it planned to raise $4.5 billion to invest in blockchain and cryptocurrency startups. That same month, alumni of Y Combinator revealed they had created a so-called decentralized autonomous organization to invest in cryptocurrency-related startups.
