Saturday, November 26, 2022

Sequoia Capital Wants To Invest $600M In Crypto Startup Tokens

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Sequoia Capital wants to invest $600 million in crypto startup tokens and wants to be more actively involved in the token projects as well so let’s find out more in today’s latest cryptocurrency news.

The Silicon Valley venture firm Sequoia Capital wants to invest funds into cryptocurrency and startup tokens with $600 million to play with. The company announced that the new fund will be used on liquid tokens and digital assets. The firm has set aside between $500-$600 million according to the statemetn on the website and it already made some major investmetns in the crypto space. The statement reads:

“Sequoia Crypto Fund complements our broader commitment to crypto. Our goal with this fund is to participate more actively in protocols, better support token-only projects, and learn by doing ourselves. We remain committed to working collaboratively with the crypto community, including providing ongoing support for open-source research.”

The company added that it had been asked by the network in the crypto space to take an active role in managing the tokens like staking them. Staking refers to the process of users that are locking up their crypto to provide liquidity to a protocol or network in exchange for token rewards. It can also refer to the process by which the operators of PoS networks lock up their tokens and help the blockchain validate transactions.

A number of cryptocurrencies like Tezos and Solana already use the consensus mechanism and Ethereum is also in the process of transitioning. Proof of Stake is different from BTC’s proof of work process which is much more energy-intensive. Sequoia Capital already partnered with some of the bigger names in the crypto space like the CEO of FTX Sam Bankman Fried and Jack Dorsey who is the co-founder of Twitter.

As recently reported, The software company Sequoia Holdings allows its employees to get paid in BTC according to the new announcements made and it will also let them get their paychecks in Ethereum or bitcoin Cash if they wish. Employees can choose to defer the portion of their salary into crypto as the announcements didn’t really explain if that portion can increase to be 100%. The company is working with a  third-party payroll processing company in order to manage the taxes which will eventually be kept in fiat money and will hold the cryptocurrency.

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