Sequoia Capital is looking to roll out a cryptocurrency-focused fund with a size of up to US$600 million, Bloomberg reported, adding that the move signals continued investor interest in the tech even amid increased regulatory attention.
Sequoia partner Shaun Maguire said that the VC views cryptocurrency as a “megatrend” that would carry on over the next two decades. “It’s the future of money,” he added.
The company said the cryptocurrency fund will be one of three new sub-funds under Sequoia Capital Fund. These sub-funds will invest capital already committed by the company’s limited partners, which include university endowments and pension funds. The limited partners can also decide on which sub-fund they would like their capital to be allocated to.
Another Sequoia partner, Michelle Bailhe, said that the recent dips of major cryptocurrencies such as Bitcoin and Ethereum are not concerns for Sequoia, as they are “investing on a 30-year horizon.”
“If we’re in a bear market, we could invest [the new cryptocurrency fund] in under a year,” Maguire added.
See also: Are SEA’s tech VCs missing out on the crypto craze?
Editing by Collin Furtado and Lorenzo Kyle Subido
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