Three Arrows Capital-Affiliated Crypto Firm Raises $100 Million for New Liquid Token Fund – Here's What You Need to Know
DeFiance Capital has reportedly raised $100 million for its liquid token fund.
On Monday, The Block reported that the crypto investment firm completed the first close of the new fund, citing "two sources with direct knowledge of the matter".
Though there was no word from the company itself about this development until the time of writing, it seems to have confirmed it by sharing the news story on its official Twitter account, as did its founder, crypto investor Arthur Cheong, who wrote:
"Crypto generally peak on unbridled optimism, bottom on hopeless pessimism. No better time to invest."
The sources told the news outlet that the company raised "eight figures," adding that the initial raise came in under $50 million.
As for the investors who decided to back the fund, there was reportedly "a good mix" of them, including crypto funds, family offices, and certain existing investors as well.
Cryptonews.com reached out to DeFiance for comment.
Founded in 2020, DeFiance Capital is a Web3- and crypto-focused investment firm, claiming "many successful investments across DeFi, Web3 gaming, and infrastructure space."
It also backed projects such as Aave, dYdX, Lido, Axie Infinity, Layer Zero, Offchain Labs (Arbitrum), and others.
It, however, got hit by the major blow that was the bankruptcy of the crypto hedge fund Three Arrows Capital (3AC), but soon distanced itself from it, claiming to be a separate company operating independently.
As reported in July last year, DeFiance Capital said it was "materially affected" and "prejudiced" by the liquidation of rival fund 3AC. It also claimed that CEO Cheong had "no visibility" on Three Arrow Capital's financial statements or conditions.
Soon after, in September, the news came out that the
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