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Polychain Capital

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Polychain Capital
Polychain Capital Logo.png
Type
Private
IndustryPrivate equity
Founded 📆August 16, 2016; 4 years ago (2016-08-16)
Founder 👔Olaf Carlson-Wee
Headquarters 🏙️San Francisco, California, United States
Area served 🗺️
Members
Number of employees
Websitewww.polychain.capital
address
telephone

Polychain Capital (also simply referred to as Polychain) is a private American venture capital firm focused on early-stage companies in the cryptocurrency space. The firm is based in San Francisco, California, but invests globally. In June 2018, Polychain became the first cryptocurrency fund to manage $1 billion AUM.[1]

History[edit]

The firm was founded in 2016 by Olaf Carlson-Wee, the first employee and former head of risk at Coinbase.[2] In 2017, the firm raised capital from notable venture capital investors, including Andreessen Horowitz, Union Square Ventures, Founders Fund, and Sequoia Capital.[3]

It was later revealed that Polychain had plans to raise C$400m in a public offering in Canada, but later decided against it.[4] In December 2018, Polychain announced the close of its first venture capital fund, totaling $175 million in commitments.[5] That same month, Ryan Zurrer, principal and venture partner at Polychain, was fired by the firm.[6]

Some companies funded by Polychain include: Dfinity[7], Coinbase[8], dYdX[9], Dharma[10], Celo[11], and MakerDAO.

References[edit]

  1. "Olaf Carlson-Wee Rode the Bitcoin Boom to Silicon Valley Riches. Can He Survive the Crash?". Wall Street Journal. 2017-09-11. Retrieved 2019-03-21.
  2. "Polychain Becomes First $1 Billion Crypto Fund: What Happens Now?". Fortune. 2018-06-26. Retrieved 2019-03-21.
  3. "Leading Silicon Valley VCs Sequoia Capital and Andreessen Horowitz Invest in Blockchain Hedge Fund". Coin Telegraph. 2017-07-28. Retrieved 2019-03-21.
  4. "Crypto Hedge Fund Polychain Says It Won't Proceed With IPO". Bloomberg. 2018-01-29. Retrieved 2019-03-23.
  5. "Pro Rata - December 18, 2018". Axios. 2017-12-18. Retrieved 2019-03-21.
  6. "Ryan Zurrer, a top player at crypto fund Polychain, was fired by the firm amid weak 2018 performance". The Block. 2018-12-04. Retrieved 2019-03-21.
  7. "'World Computer' Project Dfinity Raises $102 Million". Fortune. 29 August 2018.
  8. "Coinbase raises Series E round of financing to accelerate the adoption of cryptocurrencies". Coinbase. 30 October 2018.
  9. "Andreessen-funded dYdX plans 'short Ethereum' token for haters". TechCrunch. 3 August 2018.
  10. "Dharma Labs Raises $7 Million From Green Visor, Coinbase and Polychain". CoinDesk. 5 February 2019.
  11. "Ex-GoDaddy Execs Raise $6.5 Million for Cheap, Android Phone-Friendly Blockchain". Fortune. 22 June 2018.

External links[edit]


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