Venture capital company Tribe Capital, has introduced a new crypto fund and is targeting a $100 million raise for the fund. San Francisco-based Tribe, which has $1.6 billion in assets under management, plans to make early-stage investments of $500,000-$3 million in layer 1 and 2 ecosystems, decentralized finance (DeFi) projects and infrastructure plays to bring real-world assets on chain said Boris Revsin Managing Partner of Tribe Capital in an interview
Specifically, Tribe wants to help drive the development of protocols which can provide security, scalability, liquidity and cross-chain compatibility so that the crypto ecosystem garners greater trust, thus fuelling further adoption he added.
The “Digital Future Fund” follows Tribe’s previous cryptocurrency fund, for which it raised $75 million in October 2021. Venture capital and other investments into crypto companies plunged over 90% in January compared to a year earlier, reflecting the turbulent events of 2022 brought to a head by FTX’s collapse in November.
Tribe however may not be particularly phased, despite having held FTX in its portfolio Instead, it was reportedly considering leading a $250 million fund raise to help the bankrupt exchange restart operations.