As CBN Drags its Feet, Sequoia Capital Launches N249 Billion Cryptocurrency Fund

• Sequoia Capital, one of the world's capital venture companies is about to launch a new cypto-minded fund
• The N249 billion capital fund will be the first every crypto-centric fund since the company start operations in 1972
• It started investing in cryptos in 2015, mainly in equity tokens deals as the company's 20 per cent latest investments in US and Europe has been in the crypto space

One of the world’s oldest venture capital companies, Sequoia Capital, is set to launch a new crypto-minded fund. It will be the first-ever sector-specific fund since it started operations in the early 1970s.

According to Nairametrics, Partner at Sequoia Capital. Shaun Maguire said in an interview that the crypto fund will mostly invest in what he called liquid token which is already listed on the crypto exchanges and those yet to be listed.

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Biggest cryptcurrency investment ever?

The size of the fund is between N207.5 billion to N249 billion and is going to be part of the company’s bigger Capital Fund formed in October 2021 as part of its restructuring. The fund now holds all of the US’s and Europe’s investments.

Also, Sequoia said that it will continue to invest in crypto startups with seed funding, venture, growth and expansion funds that have over N3.1 billion in total capital commitments.

The company has been investing in cryptos since 2015 in equity and token deals. 20 per cent of Sequoia’s latest investments in the US and Europe were in the crypto space.

Its mainstay

It has portfolios in forex trade. Fireblocks. StarkWare and Filecoin. Shaun Maguire said that many founders have asked the company to take a more active role in managing its tokens.

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According to him, the new fund gives the company the flexibility to engage even more deeply.

The company will now start monitoring cryptos, providing liquidity, participating in governance and also trading them.

Nigeria's Central bank has dragging its feet in allowing crypto trading with the banks and clamped down on bank accounts linked with it. The industry is heavily regulated in the country but Nigeria remains the second country with the highest adoption of cryptocurrency.

Close to 300,000 crypto investors lose over N415 trillion

Meanwhile, Legit.ng has reported that it was a dark Saturday for crypto investors who saw over N415 trillion wiped off the cost of all cryptos in what has been described as the biggest loss in the history of cryptocurrency.

According to Coinbase, a cryptor currency trading platform, over N239,000 has their positions shut down for over 24 hours on Saturday, January 22, 2022 with liquidations amounting to N362.7 billion.

The crypto trading platform, Coinbase showed that premium crypto, Bitcoin fell to as low as N14.1 million. Other also slumped with Ethereum going down by 12 per cent, Solana and Cardano both fell by at least 17 per cent.

Source: Legit.ng