LL Cool J and Paul Tudor Jones invest in new crypto venture capital fund
The investment fund has already committed money to several high-profile crypto projects.
Several notable figures from finance and entertainment are investing in a new crypto venture capital fund launched by former Digital Currency Group investor Travis Scher, Silver Lake Partners co-founder Glenn Hutchings and his son James Hutchins.
According to a Yahoo Finance report, the crypto venture Golden Profit capital fund has raised $72m from investors including investment guru Paul Tudor Jones, rapper and actor LL Cool J and former Pepsi CEO Indra Nooyi. Father-son duo Hutchins co-manage the investment fund with Scher through New York-based North Island Ventures.
„We believe that crypto products can solve some of the world’s most important problems, which is why we have made it our mission to help the world’s best entrepreneurs bring these solutions to market,“ as Scher explains the ambitions of the new venture.
North Island has already used the investment fund to provide venture capital to several crypto companies, including Dapper Labs, the company behind the blockchain game Cryptokitties; Axelar, a project by the founders of the blockchain network Algorand; and Nori, a blockchain investment platform that can provide funds for projects that aim to reduce CO2 emissions.
Scher confirms that more investments will follow soon
Hutchins‘ firm Silver Lake Partners has recently played a minor supporting role in the affair involving GameStop stock, the trading platform Robinhood and the social network Reddit. A Reuters report reveals that the company sold its entire stake in AMC Entertainment’s stock, which was also pushed up by the favour of forumists or small investors, after the hype triggered by the r/Wallstreetbets subforum about heavily „shorted“ securities. These had lifted the share price to a new high for the year of 19.90 US dollars, allowing Silver Lake to raise 713 million US dollars.