Fort Island Ventures, the early stage crypto fund helmed by Nic Carter and Matt Walsh, has raised $50 million for its second fund.“We imagine that
Fort Island Ventures, the early stage crypto fund helmed by Nic Carter and Matt Walsh, has raised $50 million for its second fund.
“We imagine that public blockchains are a transformative expertise and can change the best way that we work together with cash, worth switch, trusted third events, and even the basic structure of the web itself,” Walsh wrote in an announcement submit printed Monday.
In a name with CoinDesk, Carter stated the fund’s buyers included high-net-worth people, household workplaces and others. The agency raised $30 million in June 2018 for its first fund, which invested in 20 startups together with BlockFi, ErisX, River Monetary, Casa and others.
“My old flame is bitcoin and we’re not abandoning bitcoin,” Carter stated. “Our focus has all the time been crypto monetary market infrastructure and bitcoin isn’t the one a part of that.”
Carter pointed to the expansion of stablecoins and decentralized approaches to web infrastructure as potential areas of curiosity for the brand new $50 million conflict chest.
“There are adjacencies which can be fascinating to us,” Carter stated. “There’s a slight broadening of our focus to replicate the maturity of that house.”
The second fund will goal about 20 startup investments with barely bigger verify sizes than the primary, Carter added.