Billionaire Chamath Palihapitiya's Social Capital will raise $3 billion for its cryptocurrency fund

According to ChainCatcher news, citing two informed sources from BlockWorks, billionaire Chamath Palihapitiya's Social Capital is raising at least $3 billion for a cryptocurrency venture capital fund.

Social Capital has been purchasing Bitcoin since 2013, and has also invested in the NFT market SuperRare and Solana blockchain-based Sabre Labs. The new fund is Social Capital's fifth fund, with reportedly $1 billion allocated for early-stage startups (with individual investments ranging from $10 million to $20 million), $1 billion for later-stage companies (with individual investments ranging from $100 million to $200 million), and $1 billion for equity investments in companies at different stages of development (with individual investments ranging from $250 million to $450 million). (source link)