Multicoin Capital to raise $250 million for third crypto-focused venture fund

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Crypto-focused hedge fund Multicoin Capital plans to raise $250 million for a third venture fund aimed at crypto startups, The Information reported after reviewing the company's fundraising materials. 

Austin, Texas-based Multicoin had already raised $100 million for a second fund in May, and plans to finish fundraising by the end of 2021. It joins other firms bolstering their crypto funds this year, including Andreessen Horowitz .

Multicoin is interested in exploring opportunities in decentralized finance (DeFi) interest rate markets, its co-founder Tushar Jain wrote on Oct. 6. The firm recently led a funding round for the DeFi project Strips Finance, which intends to set up a decentralized exchange for trading interest rates.

Binance invested in Multicoin in March, making it a partner of the hedge fund. Multicoin also received funding from Ribbit Capital, Union Square Ventures, venture capitalist Marc Andreessen and former PayPal Chief Operating Officer David Sacks.

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