An exchange that raised $600,000 on Wednesday will open its doors in Los Angeles next week, but not before it’s forced to shut down.
The New York Stock Exchange (NYSE) announced on Wednesday that it had raised $61 million to invest in cryptocurrency and blockchain startups.
The funds were used to fund the exchange’s “blockchain capital fund” as well as a “strategic asset-backed exchange-traded fund.”
The fund will invest in blockchain startups and other emerging technologies, according to the company.
The company will provide capital for its “Blockchain Capital Fund and its venture capital fund, which will support startups in areas of innovation and investment, including: smart contracts, blockchain technology, decentralized applications, blockchain startups, smart assets, blockchain infrastructure, smart contracts and blockchain data security,” the announcement said.
The fund is designed to invest “in a diversified portfolio of companies, technologies and financial services companies, including blockchain, smart contract technology, distributed ledger technologies and blockchain-based applications,” according to a press release.
It will also provide “investment in the companies, services, blockchain companies, or technologies of interest to the New York State Capital Region, including venture capital, private equity, venture capital funds, private companies, institutional investors and technology companies.”
The company, which was founded by entrepreneur Adam Langley, has been a favorite among hedge funds and venture capital firms because of its ability to scale quickly and effectively.
The funds will be managed by the venture capital firm Andreessen Horowitz, which is known for investing in startups and investing in the likes of Google, Facebook, and Uber.
The venture capital arm of Andreessen, founded by venture capitalist Chris Dixon, has already raised $12 million in funds from more than 80 investors.
The fund will now be led by Langley.
Andreessen Horowitz previously invested in the digital currency exchange Bitfinex, which became one of the biggest exchanges in the world in 2014.
In February, the company announced that it was working on a cryptocurrency exchange, and the company raised $1.4 million in an initial public offering (IPO).
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