First crypto fund to reach $1 BN raises $175 million extra

20 Dec, 2018 | Updated: 20 Dec, 2018
by Alberto Arnaldo
News
First crypto fund to reach $1 BN raises $175 million extra

$175 million will be added to the already large accounts of Polychain, often referred to as the largest crypto hedge fund, currently run by Olaf Carson-Wee, a former Coinbase employee.

The hedge fund already had assets under management valued at over $1 billion. It is backed by some of the most relevant venture capital firms, such as Horowitz, Union Square Ventures, Founders Fund, Sequoia, Bain and Bessemer, as Chepicap reported earlier this year.

Little is known about the latest injection of capital coming into Polychain. As it can be appreciated in the document available at the SEC, the issuer declined to disclose several quantities that would shed light on the operation. 

The latest piece of good news from Polychain challenges now the image of an empty battlefield after the bear trend, with companies such as Steemit laying off 70 percent of their staff or ETCDEV shutting operations due to lack of funds.

Read more: STEEM parent company lays off 70% of their staffEthereum Classic developer company victim of social attack shuts down

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