Sequoia Capital’s New Crypto Fund

Venture Capital firm, Sequoia Capital ($SEQUX@US), has launched a crypto-focused fund with current allocations at $600 million. The new fund is part of a broader reorganization of the firm, allowing it exposure in this emerging sector. Sequoia Partner, Shaun Maguire, said, “We have a long-term view on crypto that it’s a megatrend over the next 20 years.” In the same interview, Maguire said that the crypto fund would invest in tokens like Bitcoin, Ethereum, and Dogecoin. Another Sequoia Partner, Michelle Bailhe, said that the firm believes it’s still “day one for crypto” because the megatrend is so young as compared to other types of investments. The firm is also looking into activity on particular blockchains like Terra, NEAR, Avalanche, and Polkadot. The fund is reported to be fully deployed in less than a year, especially if the crypto market enters a bear phase. At press time, the Sequoia Fund was trading at just over $163, down about 6%.