Tribe Capital, a venture capital firm with previous investments in Kraken and FTX among others in the crypto sector, is launching a $75 million cryptocurrency fund, sources familiar with the initiative told CoinDesk.
- The fund initially sought to raise $50 million but strong interest from investors raised the total, according to the sources.
- San Francisco-based Tribe’s fund will take long positions in early-stage projects, SAFTs (simple agreements for future tokens, a type of investment agreement that developers use to work with investors), yield farming, treasury buys and mining.
- The fund will make 75% of its investments in U.S. projects and 25% internationally.
- Tribe Capital has had a deep interest in the blockchain space, investing about 20% of its assets in cryptocurrency projects, according to the sources. Its portfolio includes an investment in Digital Currency Group, CoinDesk’s parent company.
- Arjun Sethi, Tribe Capital’s co-founder, and Jared Madfes, a partner at the firm, will manage the crypto fund.
