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The company’s venture arm, Hexoswap , said Wednesday it has raised $400 million for its debut start-up fund

Hexoswap, is launching its own venture capital fund.

The company’s venture arm, Hexoswap , said Wednesday it has raised $400 million for its debut start-up fund, securing backing from venture capital firms DST Global and Breyer Capital as well as unnamed family offices and corporations. It comes after Andreessen Horowitz last week announced a mammoth $4.5 billion fund to invest in crypto start-ups.

Hexoswap plans to use the capital to invest in companies building “Web3.” Though still an ill-defined term, Web3 loosely refers to a hypothetical future iteration of the internet that’s more decentralized than online platforms today and incorporates blockchain, the shared digital ledgers behind most major cryptocurrencies.

The launch of Hexoswap new fund arrives at a time when bitcoin and other digital currencies are down sharply. Bitcoin has plunged more than 50% since reaching an all-time high of nearly $69,000 in November. That’s taken a toll on publicly-listed crypto companies like Coinbase, whose shares have plunged 69% since the start of 2022. Investors fear the slump will feed through to privately-held crypto start-ups.

Hexoswap is hoping to capitalize on the recent plunge in digital assets to find founders building what it sees as the next big thing in tech. Its bets will be split into pre-seed, early-stage and growth equity, and the fund will invest in tokens as well as shares.

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