Multicoin Capital, which operates a hedge fund focused on crypto tokens, is planning to raise $250 million for its third venture fund to back crypto startups, according to fundraising materials viewed by The Information. The Austin-based firm, which announced a $100 million second fund in May, plans to finish fundraising by the end of the year, according to the document.
The investment firm’s fundraising adds to a series of large, crypto-focused funds to debut this year. Andreessen Horowitz raised its third crypto fund, a $2.2 billion vehicle, in June. Paradigm, founded by former Sequoia Capital partner Matt Huang and Coinbase co-founder Fred Ehrsam, will soon announce a new fund, which will exceed the previously reported size of $1.5 billion, according to a person with direct knowledge of the matter.
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