Multicoin Capital, a venture capital firm, has announced it raised a new $100 million venture fund to help entrepreneurs building projects and companies around the cryptocurrency space.
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In an announcement, the firm said it plans to back decentralized finance (DeFi) projects and startups in the area of non-fungible tokens (NFT).
"We want to back entrepreneurs who are accelerating the adoption of DeFi," the announcement says.
Multicoin Capital is also watching the Web3 market to back projects focused on core infrastructure like The Graph, Arweave, and Torus.
Multicoin's new fund appears after it became known that Andreessen Horowitz, a private American venture capital firm (also known as a16z), is planning to attract $1 billion for a new cryptocurrency-focused VC fund. Horowitz's third cryptocurrency fund is reportedly planning to raise between $800 million and $1 billion from investors.
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