Crypto Daily Roundup: Polychain Capital Raised Around US$200M

Check out updates on crypto projects like Bitcoin, Ethereum, XRP, Dogecoin, and more

Data show that global venture capital investments in crypto startups have fallen for five consecutive quarters, but some venture capitalists are still betting millions on blockchain. Polychain Capital, one of the most prominent venture capital firms in the crypto space, has raised around US$200 million in the "first close" of its fourth fund. With this crypto daily roundup, you can jumpstart your day with the latest updates on cryptocurrencies like Bitcoin, Ethereum, and more.

Crypto Price Movement

Bitcoin weakened further but managed to hold above the US$30,000 mark, while Ethereum was slightly up and firmed above the US$1,900 level. Other popular altcoins like Dogecoin (DOGE), Litecoin (LTC), and Solana (SOL) saw a fair mix of dips and gains across the board. The global cryptocurrency market cap was trading slightly higher, rising to the US$1.21 trillion mark, as it advanced marginally, less than a percent in the last 24 hours.

Zhe Wang Joined Sino Global Capita

Zhe "Constance" Wang, who served in several executive-level roles at Sam Bankman-Fried's FTX before the collapse of the digital-asset exchange, has joined crypto venture capital firm Sino Global Capital.

Wang leads the gaming team at Sino Global, according to Matthew Graham, a Beijing-based investor who founded Sino Global in 2015 and had previously worked at China Bridge Capital.

Polychain Raised Around US$200 Million

Polychain Capital, one of the most prominent venture capital firms in the crypto space, has raised around US$200 million in the "first close" of its fourth fund, according to a person familiar with the matter, while letting go three members of its research team amid new investing priorities. It still plans to raise around US$400 million for the fourth fund.

The raise Is a bullish sign for the industry, suggesting ongoing interest in the sector despite a "Crypto Winter" that has seen venture funding evaporate for startups and VC firms.

G20 Members Finding Common Ground on Crypto

The third meeting of the G20 Finance Ministers and Central Bank Governors (FMCBG) concluded on Tuesday with an outcome document and chair summary that saw member countries agreeing on almost all issues, ranging from a common framework for debt, strengthening multilateral development banks and swift implementation of the Crypto-Asset Reporting Framework.

On cryptocurrencies, while endorsing the reports by the Financial Stability Board and the Bank of International Settlements, the G20 members agreed they were closely monitoring the risks of the fast-paced developments in the crypto-asset ecosystem.

Coinfund Raised US$158 Million to Back Early-Stage Crypto Startups

Data show that global venture capital investments in crypto startups have fallen for five consecutive quarters, but some venture capitalists are still betting millions on blockchain. Venture capital firm Coinfund is digging in with new crypto start-ups with a fresh fundraising round when many investors are pulling back from the industry. The firm plans to announce Tuesday that it has raised US$158 million to back early-stage crypto startups.

The new fund Is larger than the one CoinFund initially set out to raise, said Chief Executive Officer Jake Brukhman. He told The New York-based firm initially aimed for US$125 million but received more interest than expected.