Sequoia Capital to Create Crypto Fund of as Much as $600 Million

Sequoia Capital is launching a cryptocurrency-focused fund of as much as $600 million — the latest sign of venture capital enthusiasm for crypto startups, despite ongoing regulatory uncertainty and market volatility.

“We have a long-term view on crypto that it’s a megatrend over the next 20 years,” said Sequoia Partner Shaun Maguire. “It’s the future of money.”

Sequoia’s move to create a standalone crypto fund is a break from tradition — the 50-year-old firm has never before carved out a specific sector fund — but it was widely expected. The change comes after a broader revamp of the firm’s structure, allowing it greater flexibility ...