Union Square Ventures (USV) on Tuesday revealed plans to invest a significant portion of its new fund’s assets in the cryptocurrency space. As USV managing partner Andy Weissman said in a blog post, the firm has opened a “2021 Core Fund with $ 250 million in liabilities.”
“As with several of our last funds, we expect to invest a significant part of the investment – about 30% – in cryptocurrency-related investments,” Weissman wrote. “This includes direct storage of tokens as well as equity investments in blockchain-related projects in the early stages.”
Weissman noted that “Crypto networks embody both the evolution of trust in computing and financial systems and widespread accessibility, so we view crypto networks as being fully consistent with Thesis 3.0.”
USV Thesis 3.0 is built around trusted brands that enhance access to knowledge, capital, and wealth through networks, platforms and protocols.
“We believe that the opportunities in decentralized systems are still in the early stages, and we see favorable factors for proliferation with a large amount of new interesting activity,” added Weissman.
To date, USV has already invested in cryptocurrency companies and funds such as Coinbase, Polychain Capital, and Dapper Labs, among others. In addition, USV is part of the Libra Association, which is developing Facebook’s stablecoin initiative, formerly known as Libra, and is also an investor in Twitter, Etsy, Tumblr, Foursquare, Behance and Kickstarter.
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