Tribe Capital aims to raise $100M for their new crypto fund

Venture capital firm Tribe Capital, which has previously invested in cryptocurrency companies Kraken and Bitfinex, has launched a new crypto fund and is seeking to raise $100 million for the fund, according to sources familiar with the matter who spoke to CoinDesk.

Based in San Francisco, Tribe manages $1.6 billion in assets and plans to invest between $500,000 and $3 million in early-stage layer 1 and 2 ecosystems, decentralized finance (DeFi) projects, and infrastructure plays aimed at bringing real-world assets onto blockchain. The company aims to drive the development of protocols that can provide security, scalability, liquidity, and cross-chain compatibility in order to increase trust in the crypto ecosystem and encourage further adoption.

The “Digital Future Fund I” follows Tribe’s previous cryptocurrency fund, which raised $75 million in October 2021.

Venture capital and other investments in crypto companies fell over 90% in January compared to the previous year, reflecting the tumultuous events of 2022 that culminated in the collapse of FTX in November.

Tribe, however, may not be particularly concerned, despite having held FTX in its portfolio. Instead, it was reportedly considering leading a $250 million fundraise to help restart the bankrupt exchange’s operations.

The VC did not respond to CoinDesk’s request for comment.

Read More: DeFi Hub Nibiru Chain Valued at $100M After $8.5M Seed Funding Round

Edited by Parikshit Mishra.