10T Co-Founder Wants to Build New $200 Million Fund
The firm 10T won’t make new investments, but a fund with many of the same people is already in deal talks.
There are still investors who want to put money into cryptocurrency startups, despite the recent wave of scandals and setbacks that have shaken the industry. A team of crypto investors is seeking $200 million to back digital-asset startups in a new firm called TenSquared Capital, according to two people familiar with the matter.
The venture, called 10SQ for short, is being launched by the co-founder and some employees of crypto-focused investment firm 10T Holdings. The firm 10T has $1.2 billion in assets under management according to PitchBook. It has expended all its capital and is ceasing to make new investments, according to the people, who asked not to be identified discussing private information.