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Founders from a16z, Solana and more back new billion-dollar crypto fund

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Founders from a16z, Solana and more back new billion-dollar crypto fund

by Frank Chaparro
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Quick Takes
  • Yet another crypto fund has entered the market.
  • Joe McCann — previously of Passport and Microsoft — has secured commitments from the likes of Marc Andreessen and Solana’s Anatoly Yakovenko.
  • He’s targeting to raise $1 billion. 
A new investment firm founded by Joe McCann is targeting to raise $1 billion in capital, joining the likes of Andreessen Horowitz (a16z), Paradigm and Katie Haun’s new set of funds in unveiling new billion dollar plus raises over the last year.

McCann — whose career has spanned systematic trading at John Burbank’s Passport Capital to strategy at Microsoft — has named the crypto market’s latest investment firm Asymmetric.

But McCann is keen on pointing out how his new company is different from the fast-growing list of capital allocators in the crypto market.  And if you asked him to describe Asymmetric, he’d likely say “technology company” before he would “investment firm.”

“We take a very technological view on crypto,” he said in an interview with The Block. “We’re a technology company with the mandate of a fund.”

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This post is commissioned by Copper and does not serve as a testimonial or endorsement by The Block. 
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The city of Fort Worth, Texas votes to become a bitcoin miner
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