Crypto-focused investment firm, Pantera Capital, has stated that it is hoping to raise $175 million for its next venture, and are reportedly more than half-way there already.
Being at the forefront of cryptocurrency advancement is expensive work, just ask Paul Veradittakit, firm partner at Pantera Capital. According to Tech Crunch, one of the industry’s biggest investment firms is looking to raise a total of $175 million in its latest round of fundraising.
This is seven times more than its previous venture fund, which was set at $25 million, which itself was nearly double the amount of its first fund of $13 million. Veradittakit says that this upward trajectory is a “function of how fast the space is moving, the talent coming in, the opportunities, and the sizing of rounds. With more interesting later-stage investments [on our radar], too, we want to be flexible and able to move with the market.”
Pantera Seems to Be on Track
While this number may seem astronomical, a report by the US Securities and Exchange Commission (SEC) dated the 15th of August shows that the firm has already raised over $70 million from 90 investors. However, according to CNBC, that total is actually closer to $100 million. The date of the first sale is listed as the 31st of July.
Pantera has a range of investment options for those interested in the cryptocurrency market. One is a fund dedicated to ICOs. Another is the firm’s Bitcoin Fund, which made headlines at the end of last month when Pantera announced lifetime returns of over 10,000%.
Another fund deals with investing in existing exchange-listed cryptocurrencies through ML-based algorithms and actual input from some of the firm’s main members.
Veradittakit explained that this could be a good option if:
…you aren’t sure that Bitcoin will remain the dominant cryptocurrency, or you’re interested in other use cases that may arise, or you just want to build a diversified portfolio of assets that have asymmetrical returns as bitcoin, or maybe return even more because they feature lower valuations.
Pantera has invested in plenty of well-known platforms in the industry including Ripple and Circle. Veradittakit added that:
[Pantera has invested in] lots of wallets and exchanges focused around the world, in Coinbases of different geographies, in enterprise-related blockchain companies. More recently, we’ve funded everything from big data to decentralized application platforms.
Shifting Focus
The newest venture fund is more focused on blockchain technology or more specifically, receiving equity in blockchain companies. Veradittakit touched on this new direction a bit:
We’re seeing a shift in momentum. We’re seeing a lot more interesting VC deals, and more equity deals this year than ICO deals.
The firm’s CEO, Dan Morehead, recently reiterated his belief in Bitcoin stating that while the price is low now, this won’t always be the case. He added that Bitcoin could grow quite significantly “a year from now”.
Do you think Pantera Capital will reach its $175 million goal? Let us know in the comments below!
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