New $1B crypto fund lands backing from a16z, Solana founders

New $1B crypto fund lands backing from a16z, Solana founders

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Former Microsoft strategist Joe McCann’s new crypto fund Asymmetric has gained backing from a16z’s Marc Andreessen and Solana cofounders Anatoly Yakovenko and Raj Gokal, The Block reported.

See related article: KuCoin launches $100 mln fund for NFT projects

Fast facts

  • Asymmetric is aiming to raise US$1 billion to be split into a venture investment fund and a liquidity fund, the report said. 
  • Asymmetric also received support from a16z’s Chris Dixon, CMS Holdings cofounder Daniel Matuszewski, FTX, Circle, and Multicoin Capital managing partners Kyle Samani and Tushar Jain.
  • Tiger Global founder Scott Shleifer has signed on as a limited partner in Asymmetric.
  • The venture investment fund will operate like a Wall Street hedge fund, diversifying risk across tokens rather than betting on the success of one cryptocurrency, according to The Block.

See related article: FTX, Tiger Global invest $350M in Near protocol

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