This week, Travis Scher, former Vice President of Investments for Digital Currency Group (DCG) announced a $ 72 million crypto-focused venture capital fund backed by billionaire Paul Tudor Jones and hip-hop star LL Cool J. citing Scher, private equity veteran Glenn Hutchins and his son James Hutchins.
On Thursday, February 4, 2021, a former DCG executive, Travis Scher, tweeted about the new cryptocentric venture capital fund he had launched with two other partners. The Crypto VC fund is managed by North Island Ventures partners Scher, Glenn Hutchins and James Hutchins.
The fund’s announcement explains that the new venture capital crypto fund initiated by North Island Ventures will be backed by well-known people. Investors in the fund include rapper and hip-hop star LL Cool J and billionaire Paul Tudor Jones. In addition, Twitter COO Anthony Noto and Pepsico CEO Indra Nooyi are named as investors in the announcement.
The press release also states that the crypto-focused VC fund has “raised approximately $ 72 million”. Additionally, Hutchins explains that cryptocurrencies will be the next big thing.
“Crypto promises to not only revolutionize finance, but also to invent a new computing paradigm that will be as transformative as the personal computer, the Internet, mobility and the cloud,” Hutchins said during the announcement. “It’s literally the next big thing,” added the private equity veteran.
The three executives at North Island Ventures report that the partners have been investing in crypto for years, and Hutchins in particular started investing in Bitcoin (BTC) when it was around $ 400 in 2016.
So far, the new Crypto VC fund has already started investing, as the announcement stated that it has made seven investments so far. Investments include startups like Axelar, Dapper Labs, Nori, and others.
“Crypto is no longer just a fringe technology movement,” emphasized Scher. “Decentralized solutions to some of society’s biggest problems have an extraordinary dynamic. At North Island Ventures, our goal is to work with the best entrepreneurs in the world to bring these solutions to life.”
On Twitter, the former DCG vice president of investments said the first year had been a great time and that the team was “just getting started.” “We believe that crypto offers solutions to some of the world’s most pressing problems and our mission is to support the best entrepreneurs in the world to bring those solutions to life,” concluded Scher.
What do you think of North Island Ventures’ new crypto-focused VC fund? Let us know what you think on this matter in the comments section below.
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$ 72 Million, Crypto Funds, Crypto VC Funds, Crypto Startups, DCG, Digital Currency Group, Glenn Hutchins, James Hutchins, LL Cool J, North Island Ventures, North Island Ventures Fund, Paul Tudor Jones, Indra Nooyi , CEO of Pepsico, Startups, Travis Scher, COO of Twitter Anthony Noto, Venture Capital Fund
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