Polychain Capital

Polychain Capital (Polychain) is an American investment firm based in San Francisco, California.[4] The firm focuses on investments related to cryptocurrency and blockchain technology.[1][2]

Polychain Capital LP
TypePrivate
IndustryHedge Fund
Venture Capital
Founded2016 (2016)[1][2][3]
FounderOlaf Carlson-Wee
HeadquartersSan Francisco, California, U.S.[4]
ProductsInvestments
AUMUS$6.6 billion (March 2022)[4]
Number of employees
38[4]
WebsiteOfficial website

Background

Polychain Capital was founded in 2016 by Olaf Carlson-Wee.[1][2][3][5][6] Prior to founding Polychain, Carlson-Wee was an employee of Coinbase where he was Head of Risk.[1][2][5]

Investors of Polychain include Andreessen Horowitz, Sequoia Capital, Union Square Ventures and Founders Fund.[3][5][6][7] In 2018, Tekin Salimi joined as the General Partner, to focus on early-stage venture investments in emerging bitcoin protocols and businesses.[8]

In January 2018, the firm considered holding an initial public offering on the Toronto Stock Exchange to raise $325 million but eventually decided not to proceed with it.[6]

The firm claimed $1 billion assets at the start of 2018 but dropped to $591.5 million as of the end of 2018, majorly due to the drop in the value of its holdings.[9][10]

Companies that Polychain Capital has invested in include Coinbase, Kik Messenger[11] and Tezos.[12]

References
  1. "Bitcoin Will Never Be a Currency—It's Something Way Weirder". Wired.
  2. Chernova, Yuliya (9 December 2016). "Polychain's Blockchain Hedge Fund Gets Backed by Andreessen, USV". Wall Street Journal.
  3. Copeland, Rob (11 September 2018). "Olaf Carlson-Wee Rode the Bitcoin Boom to Silicon Valley Riches. Can He Survive the Crash?". Wall Street Journal.
  4. "Form ADV" (PDF). SEC.
  5. Chernova, Yuliya. "Polychain's Blockchain Hedge Fund Gets Backed by Andreessen, USV". WSJ. Retrieved 2022-12-26.
  6. "Crypto Hedge Fund Polychain Says It Won't Proceed With IPO". Bloomberg.com. 29 January 2018. Retrieved 2021-05-15.{{cite news}}: CS1 maint: url-status (link)
  7. "Has Crypto's Crown Prince Finally Grown Up?". Fortune. Retrieved 2021-05-15.
  8. Joyner, April. "Crypto's core technology has a legitimacy problem. The founder of VC firm Dao5 is seeking to shore up its cred by working with university researchers". Business Insider. Retrieved 2023-03-06.
  9. Chernova, Yuliya (2019-04-12). "Crypto Fund Polychain's Assets Drop 40% From $1 Billion Mark". Wall Street Journal. ISSN 0099-9660. Retrieved 2021-09-01.
  10. "Polychain Becomes First $1 Billion Crypto Fund: What Happens Now? | Fortune". web.archive.org. 2018-07-01. Retrieved 2022-12-26.
  11. "Kik raises $50 million ahead of token sale for its cryptocurrency Kin". VentureBeat. 2017-08-29. Retrieved 2021-09-01.
  12. Vigna, Paul (2018-02-01). "Bitcoin Brawl: A New Twist In Tezos's $232 Million Coin Offering". Wall Street Journal. ISSN 0099-9660. Retrieved 2021-09-01.
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