Union Square Ventures (USV) on Tuesday revealed plans to invest a significant portion of its new fund's assets in the cryptocurrency space. As USV managing partner Andy Weissman said in a blog post, the firm has opened a " 2021 Core Fund with $250 million in commitments."
"As with our last few funds, we expect to invest a substantial portion of the investment – about 30% – in cryptocurrency – related investments," Weissman wrote. – This includes direct token storage, as well as equity investments in early-stage blockchain-related projects."
Weissman noted that " crypto networks embody both the evolution of trust in computer and financial systems, and the widely increased access, so we view crypto networks as fully consistent with Thesis 3.0."
USV's "Thesis 3.0" is built around trusted brands that expand access to knowledge, capital, and wealth through networks, platforms, and protocols.
"We believe that opportunities in decentralized systems are still in the early stages, and we are seeing favorable factors for spreading with large volumes of new interesting activity," Weissman added.
To date, USV has already invested in such cryptocurrency companies and funds as Coinbase, Polychain Capital and Dapper Labs, among others. In addition, USV is a member of the Libra Association, which is developing Facebook's initiative to create a stablecoin, formerly called Libra, and is also an investor in Twitter, Etsy, Tumblr, Foursquare, Behance, and Kickstarter.