Venture Capital Firm Tribe Capital Targets $100M for Latest Crypto Fund: Sources

Tribe plans to make early-stage investments of $500,000-$3 million in layer 1 and 2 ecosystems, DeFi projects and infrastructure plays to bring real-world assets on chain.

AccessTimeIconMay 31, 2023 at 12:14 p.m. UTC
Updated May 31, 2023 at 1:34 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Venture capital company Tribe Capital, which has previously backed cryptocurrency firms Kraken and Bitfinex, has introduced a new crypto fund and is targeting a $100 million raise for the fund, sources familiar with the matter told CoinDesk.

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, the sources said.

  • What South Korea's Latest Election Means for Crypto Adoption in the Country
    00:38
    What South Korea's Latest Election Means for Crypto Adoption in the Country
  • Hong Kong Approving an Ether ETF Could Be a 'Surprise,' Analyst Says
    00:52
    Hong Kong Approving an Ether ETF Could Be a 'Surprise,' Analyst Says
  • What South Korea's Elections Mean for Crypto; The Potential for Spot BTC and ETH ETFs in Hong Kong
    19:02
    What South Korea's Elections Mean for Crypto; The Potential for Spot BTC and ETH ETFs in Hong Kong
  • Would You Get Paid in Crypto?
    00:57
    Would You Get Paid in Crypto?
  • 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.

    The "Digital Future Fund I" 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.

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

    Edited by Parikshit Mishra.






    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Jamie Crawley

    Jamie Crawley is a CoinDesk news reporter based in London.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.