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.
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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