Blockchain Investment Firm Pantera Capital Seeks To Raise $175M USD For New Venture Fund

Blockchain, Investing, News | August 16, 2018 By:

Blockchain investment firm Pantera Capital is looking to raise up to $175 million for its third venture fund.

Founded in 2013, Pantera is one of the largest venture capital firms, boasting a portfolio that includes some of its biggest success stories, including 21 Inc, Abra, Xapo, Bitstamp, Korbit , BitOasis, Shapeshift, Circle, Civic, OmiseGo, Ripple, and many others. Pantera focuses on cryptocurrency and blockchain companies as it believes that digital currency has the potential to transform the way we use money and that it will do for payments what the Internet has done for communication and commerce.

According to a filing submitted by Pantera to the US Securities and Exchange Commission (SEC), the firm’s third crypto venture fund has already raised more than $71 million from 90 investors. Pantera partner Paul Veradittakit told TechCrunch that the $175 million target is a “function of how fast the space is moving, the talent coming in, the opportunities, and the sizing of rounds. With more interesting later-stage investments [on our radar], too, we want to be flexible and able to move with the market.”

Pantera’s Venture Fund III has already made its first investment in Bakkt, the recently announced cryptocurrency trading platform developed by the Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE).

“We were fortunate to contribute our exchange expertise early on in Bakkt’s development, working with ICE to design the proper protocol and establish custody requirements,” Pantera said. “The potential ripple effect of Bakkt’s success could reverberate across the Blockchain ecosystem by expediting commercial use and widespread institutional adoption.”

Bakkt is the first of several projects the Pantera investment team has identified for Venture Fund III. In alignment with its Venture Funds I and II investment strategies, Pantera said the the two other projects in its pipeline will reflect a continued focus on infrastructure.

The news came after Pantera reported a more than 10,000 percent return over the last five years from its stakes in various crypto projects. Last month, CEO and co-chief investments officer Dan Morehead and Joey Krug sent an e-mail to the fund’s subscribers sharing the tremendous feat, mentioning that “the lifetime return of the fund is 10,136.15 percent net of fees and expenses.”