A Block Step Forward
New liquid token fund complements ongoing crypto investing
By Michelle Bailhe, Shaun Maguire and Alfred Lin on behalf of Team Sequoia
We have partnered with an ever-growing group of some of the best founders in crypto. From Sam Bankman-Fried at FTX, Jack Dorsey at Block, Uri Kolodny and Eli Ben-Sasson at StarkWare, and Michael Shaulov at Fireblocks, to Elena Nadolinski at Iron Fish, Yubo Ruan at Parallel, Ming Wu at Strips and more in stealth, these founders have expanded both our thinking and how we support their unique needs. While we’ve invested in both equity and tokens over the last five years, many have asked that we take a more active role in managing our tokens, including staking them, providing liquidity, participating in governance and trading through their platforms. Our network of builders at Ethereum, Solana, major DeFi protocols and beyond have urged us to do the same.
Today, we are doing just that with a new $500–600M sub fund focused primarily on liquid tokens and digital assets. Sequoia Crypto Fund complements our broader commitment to crypto. Our goal with this fund is to participate more actively in protocols, better support token-only projects, and learn by doing ourselves. We remain committed to working collaboratively with the crypto community, including providing ongoing support for open-source research. We will also continue to partner with crypto teams across every stage of their journey out of our seed, venture, growth and expansion funds. Sequoia Crypto Fund is one of the first sub funds to invest out of our new capital structure, the Sequoia Capital Fund.
We gathered feedback from many of our founders to design this effort, and we welcome yours. If you have advice for us, or want to share something you are building, please reach out.
More to come.
