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Standard Crypto, a venture capital firm based in San Francisco, has reportedly raised $500 million for its "Standard Crypto Venture Fund I" as the firm seeks to capitalize on both equity and crypto, Axios reports, citing sources close to the matter.

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Initially, the firm founded by an ex-Benchmark and ex-Lightspeed duo, wanted to raise $150 million for the fund. Although the firm hasn't publicly yet confirmed the funding, it has previously backed cryptocurrency startups such as Yuga Labs, Polygon and OpenSea, as per Crunchbase.

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The funding comes just as the capitalization of the whole cryptocurrency market decreased by $200 billion. At the time of writing, the market is valued at $1.2 trillion, with bitcoin (EXANTE: Bitcoin) accumulating $559 billion.

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