NEW YORK — Andra Capital, a U.S. technology fund, has raised $500 million in funding for a new digital currency that investors can use to back a group of late-stage venture capital (VC) firms, the firm's managing partner Haydar Haba told Reuters.
The new token is called Silicon Valley Coin (SVC), built on the Ethereum blockchain, representing investments in U.S. technology companies that are each worth at least $500 million.
"We're changing the dynamic in venture capital by providing more investors access to high-growth Silicon Valley assets," Haba said in an interview late last week.
Haba declined to disclose the names of the investors.
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