Multicoin Capital's third VC fund has exposure of more than $25 million to FTX
Multicoin Capital, a top-tier crypto venture capital firm, has revealed its more than $25 million stake in FTX via its $430 million venture fund, according to a letter obtained by The Block. The crypto venture capital firm's third venture fund invested $25 million into FTX US, according to the correspondence, which said it represented 5.8% of the fund.
Multicoin announced the $430 million fund in July. At the time, it told The Block that its founders, Kyle Samani and Tushar Jain, were the biggest LPs in the fund, along with other unnamed institutional backers. Along with the $25 million investment into FTX US, the venture fund also held approximately $2 million on FTX International. It said it held these funds as some of its investments were funded by sending USDC over crypto rails on the exchange rather than via USD wire.
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