🍋 FRESH FUNDING 🍋
Qredo, DeFi/MPC: $11M. The latest seed funding round for the decentralized multi-party computation (MPC) creator was backed by Celsius, Wintermute, Deribit, and others.
- By integrating decentralized custody with MPC, Qredo will allow investors to trade crypto between multiple exchanges seamlessly.
- Other MPC developers include Fireblocks, a Fidelity-backed company that provides MPC crypto trading services to institutional investors.
- Unlike Fireblocks, Qredo plans on being entirely decentralized, with a protocol governed through a DAO. Qredo will also let people trade across blockchains without the use of wrapped assets.
16z, Crypto fund: $800M-$1B. After successfully raising capital for a $300M fund in 2018 and a $500M fund last year, Andreessen Horowitz is expected to raise around $1B for his latest cryptocurrency investment fund.
- Horowitz was a notable investor in Coinbase, holding shares valued around $11B at the time of the IPO. Other successful investments by Andreessen Horowitz include Facebook, Twitter, Ripple, BitClout, Airbnb, and Aleo.
- Venture capital has been rushing into cryptocurrency funds in the past year, including Paradigm, Pantera, and Sequoia Capital China. Paradigm is currently the only company to raise over $1B for a dedicated crypto fund.