Sequoia partners Matt Hung announced that is leaving the firm in June so as to launch a new fund that will be focused solely on cryptocurrencies. Mr. Huang will be teaming up with Coinbase co-founder Fred Ehrsam, according to The Wall Street Journal.
Matt Huang and Fred Ehrsam Cryptocurency Fund
Sequoia is a Venture Capital firm that has been investing in different technological companies in the last decades. At the moment, it manages several investment funds in India, Israel and China.
Huang joined Sequoia in 2014, and will be leaving the firm this month (June). It is also important to mark that Sequoia will also be substantially investing in the fund as per The Wall Street Journal report.
Alfred Lin, a partner at Sequoia said “Matt will remain a good friend of Sequoia and we wish him great success.”
Huang’s company was acquired by Twitter in 2012 and has previously invested in companies like Crew and PlanGrid or Reddit. The company he founded was known as HotSpots, but then he decided to invest in blockchain-related companies.
At the same time, he has also invested millions of dollars in two important blockchain start-ups known as Orchid Labs and Filecoin in addition to the crypto hedge funds, MetaStable and Polychain Capital.
Mr. Huang commented to Business Insider:
“Once you spend enough time in the area, there’s enough real substance coming to the forefront and strong legitimate teams working on interesting problems that I think it is a really promising space for investing.”
At the moment, Coinbase is one of the most important cryptocurrency platforms around the world – which is also trying to acquire different licenses to be a regulated crypto services provider.
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