Multicoin Gets Backing From Marc Andreessen

Multicoin releases a list of investors which includes Marc Andreessen.

 

The fund for cryptocurrency investment, Multicoin Capital, has recently gained a host of prominent investors including Craft Ventures, Marc Andreessen. The new investors will all be taking part in its flagship fund.

 

During its launch last year, the company made an announcement that had to do with its plans to raise up to $100 million before the first quarter of the year 2018 ends. The target was recently increased from $100 to $250 million. The timeline for raising the fund has also increased from the first quarter of 2018 to the end of the year. The reports gather so far reveal that the fund has been able to raise about $50 million. This means that Multicoin has until the end of the year to raise the balance of $200 million.

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Multicoin’s co-founder, Kyle Samani, during an interview, said:

“We have noticed torrents of interest in the establishment since Multicoin Capital was launched in October 2017. This goes to show that we need professional fund managers who understand the cryptocurrency market to take control of the process.”

 

Who Else Is On Multicoin’s List Of Investors?

 

Apart from Andreessen, other new investors include Adam Zeplain, Chris Dixon, Compound, Elad Gil, Ari Paul, and, Twitter. These are some of the investors as listed in the report.

 

In the past, Multicoin Capital had mentioned that it needed to stand out from traditional fund efforts. During the October launch, the fund representatives mentioned that Multicoin was relying solely on technology-driven methods in its identification of token prospects. Although it looks like a hedge fund, the establishment has made it clear that it’s not a hedge fund.

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According to Samani, the company invests in tokens rather than in companies. It requires new tools to function on a large scale. This is unlike hedge funds that invest in companies.

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