Sources familiar with the issue told CoinDesk that Tribe Capital has launched a new crypto-fund and plans to raise $100 million for it.

Sources said that San Francisco-based Tribe has $1.6 billion of assets under management and plans to invest $500,000 to $3 million at an early stage in layer 1 and 2, decentralized finance projects (DeFi), and infrastructure to bring assets onto the chain.

Tribe wants, in particular, to drive the development and implementation of protocols that can provide security, scalability liquidity, and cross-chain compatibility, so the crypto ecosystem gains more trust.

Tribe’s “Digital Future Fund I”, which follows the previous cryptocurrency fund for which raised $75 million by October 2021, is a follow-up to Tribe’s “Digital Future Fund I”.

Venture capital and investments in crypto companies fell over 90% in January compared with a year ago, reflecting turbulent events in 2022 brought to a climax by FTX’s collapse in November.

Tribe, however, may not be too concerned, despite holding FTX as part of its portfolio. It was reportedly considering a $250-million fund raising in order to help the bankrupt Exchange restart operations.

The VC has not responded to CoinDesk’s request for a comment.

DeFi Hub Nibiru chain valued at $100M after $8.5M seed funding round

Parikshit Miishra is the editor.