The fund’s focus will be on projects in the Bitcoin ecosystem, reflecting a trend in the last 18 months, whereby developers have sought to introduce utility to the world’s oldest blockchain network.

The fund is anchored by Accolade Partners, a New York-based venture capital firm, which raised over $1 billion for three funds earlier this year.

Lemniscap, a Cayman Islands-headquartered investment firm, said it raised a $70 million fund to back early stage Web3 projects.

The fund will focus on projects in the Bitcoin ecosystem, reflecting a trend of the past 18 months, whereby developers have sought to introduce to the world’s oldest blockchain utility that is more commonly associated with the likes of the Ethereum network.

Lemniscap is targeting zero-knowledge infrastructure, consumer applications and decentralized physical infrastructure (DePIN), according to an emailed announcement on Wednesday.

The fund is anchored by Accolade Partners, a New York-based venture capital firm, which raised over $1 billion for three funds earlier this year.

Lemniscap has previously made over 130 investments, often in the role of a follow-on investor, including into blockchain networks Avalanche, The Graph and Axelar.

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