Crypto and blockchain investment firm Pantera Capital records another $71 million for its Venture Fund III, according to an official document by the US Securities and Exchange Commission yesterday, August 15.
The Space Is Moving
To be exact, the firm has amassed a total of $71,445,000 for the said funding round, which began only on July 31 this year. Toward the end of the document, it was found that 90 individuals and entities joined the round.
The world has yet to hear from Pantera Capital, even though TechCrunch reported that the firm is looking to raise as much as $175 million for the said venture fund round.
In the said report by TechCrunch, Paul Veradittakit, one of the firm’s investors, remarked the amount a “first close.”
“[The target amount is a] function of how fast the space is moving, the talent coming in, the opportunities, and the sizing of rounds. With more interesting later-stage investments [on our radar] too, we want to be flexible and [be] able to move with the market.”
Meanwhile, the firm remarked in its blog in July a whopping 10,136.15 percent net profit in crypto investment since its birth in 2013.
Dan Morehead, Pantera Capital’s CEO, said that in a letter that if Bitcoin, which was trading at $104.48 at the time, would indeed either be worth zero or $5,000 per piece in the future, and if the investors failed to grab the opportunity, there could be two scenarios: they will share a bottle of wine and contemplate over how Bitcoin could have made it big, but “it just didn’t work,” or, “if it’s trading at $5,000, [Morehead and the investors] might need something stronger than wine to erase the feelings of regret.”
To read more regarding how the firm was able to accomplish such a feat, you may head over here to our cryptocurrency news site to find out more.