Pantera Capital, an American investment company focused on blockchain projects, completed a round of financing, raising $ 160 million for its new fund Venture Fund III.
The official monthly report notes that it was originally planned to raise $ 175 million, but failed to achieve its goal. Company executives also report that $ 38 million from Venture Fund III (VFIII) has already been invested in 11 projects. In total, financial support is planned for 35 companies with an average transaction size of $ 3.5 million.
Pantera Capital sees prospects in infrastructure projects and cryptocurrency exchanges, therefore it allocates 35.1% and 29.4% of the financial resources of the fund for investment in these industries, respectively.
“As history shows, the investment of our previous venture funds in cryptocurrency exchanges turned out to be quite successful. Moreover, we believe that this industry has not yet exhausted itself and has the potential for earnings. 29% of the current capital of the VFIII fund was invested in this area. As part of VFI and VFII, we have invested in two different types of exchanges. The first category is platforms for buying and selling Bitcoin. There were also exchanges in foreign jurisdictions. In this case, we focused on geo-referencing”, the company representatives noted
As part of the work with the new fund, the classification of exchanges has been somewhat revised. Thus, the first category includes institutional level platforms, such as Bakkt.
“By investing in Bakkt, we are betting that the demand for the products of this platform will come from large hedge funds from Wall Street, as well as traders and all those who are used to working in the field of traditional assets and want to try themselves in cryptocurrency trading”.
The second group of exchanges refers to developing jurisdictions in which a new class of digital assets is just beginning to gain popularity.
“If cryptocurrencies succeed in mass distribution in these jurisdictions, we will receive high earnings, because we have invested in the best exchanges in these regions.”
In February, it became known that over the previous six months Pantera Capital managed to raise $ 125 million for its third fund. Thus, over the past month, the company received another $ 35 million, which confirms the optimistic forecasts of the company's management regarding the blockchain technology and cryptocurrency.