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Arca is a cryptocurrency investment firm. Arca makes announcement on finalizing a new venture fund, as it marks the latest entrant to the bullish side of the market.
More so, the fund is set to support companies in the non-fungible token market. Of course, also companies operating in blockchain-based gaming and Web 3.0. Reports from Arca’s David Nage confirms the firm raised capital for the fund within weeks and oversubscribing above its cap of $30 million. Furthermore, Nage is a member of Arca founding team. So, will participate in service as the portfolio manager for the new fund.
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Additionally, Galaxy Digital’s Vision Hill unit will back the fund as an anchor investor. While, The new fund joins Arca flagship hedge fund, Digital Assets Fund and Digital Yield Fund. Notably, The firm has more than $500 million in management.
Additionally, the number of new funds focusing on startups crypto companies is increasing in recent months. As former ConsenSys executive Kativa Gupta deploys a fund targeting the NFT market and decentralized finance.
Consequently, venture capital firms is pouring around $17 billion into crypto firms since the beginning of the year to the end of Q3.