LL Cool J and Paul Tudor Jones are amongst the high-profile investors placing their chips on a new crypto-focused venture capital fund, per Yahoo Finance. Various high-profile figures in finance and entertainment are reportedly supporting a new venture capital crypto fund. The former Digital Currency Group investor Travis Scher, Silver Lake Partners co-founder Glenn Hutchins, and his son James Hutchins are supporting the fund.
According to the reports, the crypto fund has raised approximately $72 million from investors. The investors involve recording artist and producer LL Cool J, former PepsiCo CEO Indra Nooyi, SoFi CEO Anthony Noto, Apollo Group co-founder Josh Harris and former TD Ameritrade CEO Joe Moglia, billionaire Paul Tudor Jones, among others. The Hutchins father and son team and Scher will handle the fund via the New York-based company North Island Ventures.
North Island Ventures backs Seven Different Firms Via New Crypto Fund
Moreover, North Island Ventures launched the fund. It is a New-York based VC firm established in 2017. Glenn Hutchins, the co-founder of private equity firm Silver Lake, manages North Island. Hutchins will maintain the fund beside James Hutchins, who earlier served as Coatue Management’s Head of Research, and Travis Scher, previously Vice President of investments for Digital Currency Group.
Further, North Island has already employed the fund to finance seven different firms in the crypto space. It involves Dapper Labs, the company behind the famous blockchain game Cryptokitties; Axelar, a project designed by the founders of smart contract protocol Algorand; and Nori, a blockchain-based marketplace meant to finance projects operating to decrease levels of carbon dioxide.
Hutchins’ Silver Lake Partners is also involved in the dubious stock trades encompassing retail investors from r/Wallstreetbets and significant hedge funds. According to a Reuters report, the investment firm traded its stake in AMC Entertainment stock last week. Thus, obtaining approximately $713 million the same day, the stock price moved to a yearly high of $19.90. The price has since dropped to $7.02 at the time of publication.
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