Union Square Ventures is planning to allocate a notable segment of its new fund to the crypto space.
Per a January 26 blog post penned by USV managing partner Andy Weissman, USV raised "a 2021 Core Fund with commitments of $250 million."
The crypto approach is in line with USV's established "thesis-driven" approach to investing, with Weissman noting that "[a]s in our last several funds, we expect a significant portion of the investments -around 30%- will be crypto-related investments."
He went on to explain:
"This will include holding tokens directly as well as equity in early-stage blockchain-related projects. Crypto networks embody both the evolution of trust in computing and financial systems, as well as vastly expanded access, so we view crypto networks as completely aligned with Thesis 3.0."
"We believe the opportunity to decentralize systems is still in early stages, seeing adoption tailwinds, and with a lot of interesting new activity," Weissman wrote.
Notable investments by USV in the crypto space include Coinbase, Polychain Capital and Dapper Labs, among others.