Representatives of Pantera Capital announced that they have closed the fundraising for the Pantera Blockchain Fund for $1.3 billion. This initiative will be the first entirely dedicated to cryptocurrencies. The organization said that the amount is more than 2 times higher than the firm’s original plans of $600 million.
The company assured that they began fundraising in November 2021. In March 2022, it was about $1 billion, but now the bar has been raised. The fund was launched in record time for crypto investment vehicles.
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According to official data, the Pantera Blockchain Fund includes 5 other funds. The latest of these was the Pantera Select Fund, with a commitment to invest $200 million in new startups.
Pantera said that they have already drawn up a roadmap and are well aware of how they will manage these funds. In addition, the management announced plans to launch a second blockchain fund, which is scheduled for 2023.
The head of the development department of the institution, Franklin Bee, said that the activity is focused on helping to improve blockchain technology. He noted that subsequent initiatives will be shaped in line with growing interest in the industry.
The manager emphasized that now the cryptocurrency industry is developing very quickly and attracts the attention of a huge number of people, including institutional ones. It is necessary to help developers evolve, and for this the necessary funds are needed.
An earlier edition informed that the executive director of hedge fund Pantera Capital, Dan Morehead, predicted the future rate of the flagship digital currency Bitcoin. According to him, in 3 years the price of the cryptocurrency will rise to $400,000. In his opinion, the massive introduction of virtual assets will certainly lead to an increase in demand.
