US-based venture capital entity Sequoia Capital has reportedly introduced a new crypto fund, as one of its attempts to bootstrap the next generation of blockchain-centric startups.

Specifically, Sequoia is reportedly going to make a total maximum investment of $600 million towards the new sector-specific fund. 

Shaun Maguire, a partner at Sequoia, reportedly regarded crypto as a “megatrend over the next 20 years” and called it “the future of money.”

The freshly established crypto fund will reportedly function as a part of the three new sub-funds that were rolled out by Sequoia on Thursday. The new funds, which function under the Sequoia Capital Fund, will be dependent on capital that’s already committed by the firm’s limited partners.

Sequoia has reportedly been a familiar face in the crypto sphere, with dozens of initiatives completed in the sector. 

Sequoia reportedly led a capital injection round valuing up to $450 million for blockchain-powered layer-2 scaling solution Polygon not long ago. The company was also involved in a $25 million equity round for DeFi wallet DeBank and the $50 million raise for StarkWare.

Sequoia additionally took part in a $1.15 billion investment round for Citadel Securities, which is looking to widen the scope of its exposure to virtual assets.

International blockchain funding reportedly hit the $25.2 billion benchmark last year, experiencing a surge of 713% over the course of 2021, per data generated by CBI Insights.

Venture capital funding has reportedly spent a large part of their concentration on crypto adoption, with companies throwing their weights behind different initiatives throughout a wide range of sub-sectors including non-fungible tokens, decentralized finance, crypto exchanges, and infrastructure services.