Multicoin Capital, an investment firm focused on cryptocurrency and blockchain companies, is planning to raise $250 million for its third crypto-focused venture fund, according to an article by The Information.
The firm, which is based in Austin, Texas, intends to complete the fundraising by the end of this year, according to the story, which cited fundraising materials that the publication had seen.
The initiative comes less than six months after Multicoin Capital raised $100 million for its second crypto venture fund.
It is the latest in a series of large funds that major venture capital firms have created this year or are creating to focus on cryptocurrency and blockchain projects. In June, Andreessen Horowitz raised $2.2 billion for its third crypto fund. Paradigm, the cryptocurrency venture capital firm led by Fred Ehrsam, who co-founded crypto exchange Coinbase, is looking to close a $1.5 billion fund for startup investments, according to documents viewed by CoinDesk.
Multicoin Capital will be looking to invest in crypto companies that others might miss as managing partner Tushar Jain has called blockchain “the best social good in the world.”
In an email to CoinDesk, a Multicoin Capital spokesperson said the firm had no comment on The Information report.
UPDATE (Oct. 19, 0:47 UTC): Adds reply from Multicoin Capital spokesperson.