IDEO, an American design and innovation consultancy firm, has filed for a new cryptocurrency fund through its blockchain-oriented venture capital subsidiary.

IDEO CoLab Ventures, an early stage investment fund focused on blockchain development, has applied Tuesday for a new crypto fund with the United States Securities and Commutation Commission, or SEC.

Called "IDEO CoLab Crypto Fund II LP," the new fund has a full offer amount of $100 million. The application was filed by IDEO CoLab managing director Joe Gerber.

The SEC filing follows IDEO CoLab's  annunciation of a $21 million early-stage crypto fund from in Oct 2020. The new fund is backed past executives from major cryptocurrency players like Coinbase likewise as companies like Twitter, Fortress, and IDEO itself. Other backers include major investors similar Avanta Ventures, GS Group, Hanwha Asset Management, Fineqia, and others.

As previously announced, IDEO CoLab helped incubate over 30 crypto startups since making their first investment in 2018. Some of IDEO'south manufacture investments reportedly include digital nugget trading platform FalconX and Handshake, a decentralized naming and certificate authority.

Taehong Huh, Managing Partner at GS Group'due south GS Futures, said that IDEO Colab is perfectly positioned to pb the movement supporting manufacture collaboration between between investors, entrepreneurs, designers, policymakers, and corporations.

"We believe that the disruptive nature of blockchain applied science is nonetheless underappreciated by the public, including corporations like ourselves, as information technology has not yet been translated into broadly desirable products or experiences," he said.