Jump Capital, a Chicago-based venture capital firm, has raised $350 million from 167 investors for its seventh cryptocurrency-focused fund called JCDP - 7. The newly created fund is by 50% larger than previous one, Forbes has learned, citing Sach Chitnis, Co-founder of Jump Capital.
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Chitnis says the latest funding round allows the firm to back projects from decentralized finance (DeFi), Web 3.0, blockchain and financial applications.
"For the space to grow and be successful, a couple of things need to happen, and one is that the underlying technology needs to evolve to reach the scalability needed to serve to mass scale versus something very niche," Chitnis added.
For Jump Capital the latest fundraising comes as the firm intensifies investments in crypto. Earlier in September, Eden Network, a priority transaction network that protects Ethereum traders from malicious arbitrary reordering, raised $17.4 million from Jump Capital, Alameda Research, and Multicoin Capital.
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