Global Investment Company SkyBridge Capital to Fire up Web3-Based VC Fund

SkyBridge Capital, a NY-based global investment firm founded in 2005 and led by Anthony Scaramucci, has recently announced that it would be rolling out a brand new Web3-focused venture capital fund.

According to the official announcement issued on July 20th, the new initiative, which will see the light of day on September 12th, will invest in late-stage crypto firms and Web3-based fintech organizations.

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The news arrives right after SkyBridge paused withdrawals from its $250M Legion Strategies fund, which managed to lose roughly 20% of its portfolio in private stocks and 10% in crypto, citing the current crypto bear market.

When asked about the harsh market conditions, Scaramucci noted that he remains positive about the upcoming future, adding:

"I am not smart enough to time the market. But we've done a tremendous amount of research and we think anyone who has will see that blockchain technology is good and is the future."

Nonetheless, it seems like a number of big crypto-oriented companies are not fazed by the cryptopocalypse as they are rolling out numerous funds. For instance, earlier in July, crypto fund Protagonist debuted its $100M fund to boost early-stage crypto-driven firms in gaming, blockchain, and other fields.

Likewise, another crypto investment organization Multicoin Capital also launched a $430M venture fund in order to provide massive capital to early and late-stage crypto-oriented startups.