$72 Million, crypto fund, crypto VC fund, crypto-startups, DCG, Digital Currency Group, Glenn Hutchins, James Hutchins, LL Cool J, North Island Ventures, North Island Ventures fund, Paul Tudor Jones, Pepsico CEO Indra Nooyi, Startups, Travis Scher, Twitter COO Anthony Noto, Venture Capital Fund

This week the former Digital Currency Group (DCG) Vice President of Investments, Travis Scher, announced a $72 million crypto-focused venture capital fund backed by the billionaire investor Paul Tudor Jones and hip-hop star LL Cool J. The crypto VC fund was invoked by Scher, the private equity veteran Glenn Hutchins, and his son James Hutchins as well.

On Thursday, February 4, 2021, a former DCG executive, Travis Scher tweeted about the new crypto-centric venture capital fund he started with two other partners. The crypto VC fund is managed by North Island Ventures partners Scher, Glenn Hutchins, and James Hutchins.

The fund announcement explains that the new venture capital crypto fund initiated by North Island Ventures is backed by well known individuals. Investors in the fund include the rapper and hip hop star LL Cool J and also billionaire investor Paul Tudor Jones. Additionally, the announcement also mentions Twitter COO Anthony Noto and Pepsico CEO Indra Nooyi as investors.

$72 Million, crypto fund, crypto VC fund, crypto-startups, DCG, Digital Currency Group, Glenn Hutchins, James Hutchins, LL Cool J, North Island Ventures, North Island Ventures fund, Paul Tudor Jones, Pepsico CEO Indra Nooyi, Startups, Travis Scher, Twitter COO Anthony Noto, Venture Capital Fund

The press release also says that the crypto-focused VC fund has “raised some $72 million.†Moreover, Hutchins details that cryptocurrencies will be the next big trend.

“Crypto promises not just to revolutionize finance but also to invent a new computing paradigm that will be as transformational as the PC, the internet, mobility, and the cloud,†Hutchins said during the announcement. “It is the proverbial next big thing,†the private equity veteran added.

The three managers at North Island Ventures detail 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 to invest, as the announcement details that it has made seven investments to-date. Investments include startups like Axelar, Dapper Labs, Nori, and more.

“Crypto is no longer just a fringe technology movement,†Scher stressed. “There is extraordinary momentum behind decentralized solutions to some of society’s biggest problems, and our goal at North Island Ventures is to partner with the top entrepreneurs in the world bringing these solutions to life.â€

On Twitter, the former DCG Vice President of Investments further said that year one has been a blast, and that the team is “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 bringing these solutions to life,†Scher concluded.

What do you think about North Island Ventures’ new crypto-focused VC fund? Let us know what you think about this subject in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

RELATED NEWS

American Cancer Society Creates Its First Crypto Only Donation Fund

The American Cancer Society has set up a fund for crypto donations so the nonprofit can raise at least $1 million by early 2021. Together with The Giving Block, the U.S.-based voluntary health organization expects to collect funds via several cryptocurrencies. Donations to Fund Cancer-Related Research Plummeted 50% in 2020 According to the announcement, the […]

Xem chi tiết: American Cancer Society Creates Its First Crypto Only Donation Fund

Former US Treasury Secretary Larry Summers Says Bitcoin ‘Is Here to Stay’

Former U.S. Treasury Secretary and economist Larry Summers says bitcoin is here to stay despite the concerns by some that it may be a bubble. The former secretary asserts that bitcoin’s price fluctuations are in fact a sign of its resilience. In his latest comments about bitcoin, Summers, who in 2016 became a senior adviser […]

Xem chi tiết: Former US Treasury Secretary Larry Summers Says Bitcoin ‘Is Here to Stay’

CoinDesk Acquires TradeBlock, Adding Indexes and Pricing to News, Events Offerings

Cryptocurrency media and events platform CoinDesk, which owes this news service, Tuesday announced it has purchased TradeBlock, the world’s leading crypto index provider. With the purchase, CoinDesk said it’s positioned to be the leading source of crypto news, information and data for the rapidly growing sector which has seen a flood of interest and investment […]

Xem chi tiết: CoinDesk Acquires TradeBlock, Adding Indexes and Pricing to News, Events Offerings

Druckenmiller, Jones and Bitcoin’s Perfect Trading Machine

No group of speculators was more notorious in the 1980s and 1990s than Stanley Druckenmiller, Paul Tudor Jones and George Soros. Druckenmiller famously bet $2 billion on the Deutsche mark when the Berlin Wall came down. Soros and Druckeniller together made billions betting against the British pound when its peg collapsed in 1992. And Jones […]

Xem chi tiết: Druckenmiller, Jones and Bitcoin’s Perfect Trading Machine

Bitcoin Manager With $1B Crypto Goal Is Backed by Hedge Fund Vet Howard: Report

Institutional bitcoin firm One River Digital is barreling toward $1 billion in cryptocurrencies under management with backing from billionaire hedge fund manager Alan Howard, Bloomberg reported Wednesday. The newcomer, One River Digital, is an offshoot of volatility hedge fund One River Asset Management. It’s already invested $600 million in bitcoin and ether for institutional clients; […]

Xem chi tiết: Bitcoin Manager With $1B Crypto Goal Is Backed by Hedge Fund Vet Howard: Report

How Israeli VCs Are Doubling Down on DeFi Startups

The three co-founders of Collider Ventures all agree Israel’s vibrant crypto industry waned, yet didn’t fizzle, throughout 2020. “For us, [COVID-19] had a positive impact that pushed us into a corner, and we decided to start Collider Labs in order to become sustainable,†said Collider Ventures co-founder Adam Benayoun, describing how his firm raised over […]

Xem chi tiết: How Israeli VCs Are Doubling Down on DeFi Startups

Estonia Revokes More Than 1,000 Crypto Firms’ Licenses This Year

Over 1,000 cryptocurrency firms’ licenses have been revoked in Estonia this year as the country tightens the oversight of the crypto industry amid heightened money-laundering concerns. 1,000+ Crypto Firms Lost Their Licenses This Year The Estonian Ministry of Finance revealed Friday that the country’s Financial Intelligence Unit (FIU) has revoked more than 1,000 crypto companies’ […]

Xem chi tiết: Estonia Revokes More Than 1,000 Crypto Firms’ Licenses This Year

Restaurant Chain That Converted Cash Reserves Into Bitcoin Says Gold’s Safe Haven Days Are Numbered

A great number of companies have been converting cash reserves into bitcoin during the last few months. At the end of August, the Mediterranean restaurant chain Tahini’s announced the Canadian company converted all of their cash reserves into bitcoin. On Friday, Tahini’s tweeted about the recent crypto reserve conversion, as the team recalled telling the […]

Xem chi tiết: Restaurant Chain That Converted Cash Reserves Into Bitcoin Says Gold’s Safe Haven Days Are Numbered

Growing Bitcoin Adoption Hurting Gold Market, Gold Price Will Continue to Weaken, Says JPMorgan

Billionaire Hedge Fund Manager Paul Tudor Jones Expects Bitcoin’s Market Cap to Grow Beyond $500 Billion

Bitcoin Undervalued Relative to Gold, Equities, Tudor Jones Says

Crypto Security Firm Fireblocks Raises $30 Million in Series B Funding, Targets Global Expansion

DeFi Dashboard Zapper Snags New Funding From Delphi and Coinbase Ventures

Stone Ridge’s Open-End Mutual Fund to Invest in Bitcoin — SEC Filing Opens the Door for Other Mutual Funds to Add BTC

Bearish Outlook as Bitcoin’s Seven-Day Average Sinks 25%, ADA Shines During the Storm

20 Bitcoin Block Rewards from 2010 Moved Today, Mystery Miner Spent $400 Million in BTC Since Black Thursday

Other Articles