$72M New Crypto VC Fund Gets Backing from Billionaires like Paul Tudor Jones & LL Cool J
A new $72 million venture capital crypto fund has been announced by private equity veteran Glenn Hutchins, his son Jame Hutchins and partner Travin Scher, who previously ran investments at Digital Currency Group.
The fund has drawn the interest of several big names, including hedge fund billionaire Paul Tudor Jones; James Todd Smith, better known as LL Cool J; and Indra Nooyi, the former CEO of PepsiCo.
Other high-profile investors in the fund include billionaire co-founder of Apollo Group, Josh Harris; SoFi CEO and Twitter COO, Anthony Noto; former CEO of TD Ameritrade, Joe Moglia; owner of the Florida Panthers hockey team, Vincent Viola; and venture capitalist Geoff Yang.
Crypto, according to Glenn Hutchins, “is the proverbial next big thing.”
Hutchins first began investing in crypto back in Jan. 2016 when the price of Bitcoin was around $400. Today, Bitcoin is worth $37,000. Hutchins said,
“Crypto promises not just to revolutionize finance but also to invent a new computing paradigm that will be as transformational as the PC, the internet, mobility, and the cloud.”
The fund has been in the making for the past year and was launched out of North Island Ventures, a New York-based VC firm founded in 2017.
Scher took to Twitter to share information about this venture, which has already made investments in seven projects, including Dapper Labs, that created gaming dApp Crypto Kitties, Flow Blockchain, and NBA Top Shot, startup Nori which is working on a carbon removal marketplace, and Axelar focused on scaling cross-chain communication.
“We believe that crypto offers solutions to some of the world's most pressing problems,” said Scher. Through this fund, they are supporting those that are bringing these solutions to life.
“Year one has been a blast, and we're just getting started,” tweeted Scher.