Polychain Capital, a San Francisco, CA-based manager of a hedge fund which invests in a diversified portfolio of blockchain tokens, raised £10m in vc funding.
Backers included Andreessen Horowitz and Union Square Ventures.
The company is using the funds to expand operations and is actively hiring.
Launched in September in 2016 by Olaf Carlson-Wee, first employee at Coinbase, with $5m from 30 investors including Vijay Ullal, Richard Craib, Garry Tan, Jack Herrick, Fred Ehrsam, Alex Pack, Joey Krug, and Jeremy Gardner, Polychain Capital manages a hedge fund which invests in a diversified portfolio of blockchain tokens, which add a monetary incentive layer to p2p protocols and facilitate equity crowdfunding that allows people worldwide to participate in.
The platform enables open source software developers to monetize their networks at the protocol level with users being the equity owners of the network.