BlueYard Launches Second Crypto Fund

BlueYard Launches Second Crypto Fund

Time Stamp: April 25, 2023 2:40 PM
Source Node: 2609567

BlueYard Capital has launched a second crypto fund, BlueYard Crypto 2, after raising $75 million for their Crypto 1 fund back in summer 2021.

Web 3 is “the logical evolution of open source software” while DeFi is “technology acquiring a native finance layer, and in turn, finance acquiring a native technology layer,” they said back then.

With that perspective, they have seemingly depleted the first $75 million in investments of $1-3 million for crypto startups.

So they’ve launched a second fund, hoping to raise another $75 million, while the Swiss bank Syz launched a $50 million crypto fund of funds.

“Crypto is not going away and it’s now been de-risked,” said Willy Woo, partner at Crest Fund.

Crest Fund and Syz, led in this case by the Managing Partner at Syz Capital Richard Byworth, are launching this summer SyzCrest Digital Uncorrelated.

SyzCrest “is designed to provide high returns without the typical draw downs of being exposed to the underlying straetgies via a mix of market neutral and directional strategies managed with a forward facing view on the macro market,” Woo says.

Despite the steep bear market, investment in crypto startups and the institutional adoption of crypto has continued with these being just the latest examples of movements in that area.

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