Scoop: Standard Crypto raises $500 million

Venture capital firm Standard Crypto has raised roughly $500 million toward a fund that will invest in both equity and crypto, a source with knowledge of the matter tells Axios.

Why it matters: The crypto-focused fund is raising at an opportune time as valuations in the space are finally showing signs of calming down, along with the broader market.

• The source adds that the firm, founded by an ex-Benchmark and ex-Lightspeed duo, is expecting the fund to close at around that $500 million figure — its hard cap.
• It had previously sought to raise $150 million for that fund, per the source.

Details: The fund is dubbed Standard Crypto Venture Fund I.

• Standard Crypto has historically focused on early stage investments. Its bets have ranged from gaming, social networks, and financial infrastructure, to DAOs and DeFi.

Background: Ex-Benchmark investor Alok Vasudev and Ex-Lightspeed partner Adam Goldberg spun out to form Standard Crypto in 2019 during the last crypto downturn.

• They've since stayed low-key. The firm's website features only its name and the two co-founders' emails.
• But early positions on protocols and companies such as Aave, Gauntlet, Matrixport, Yuga Labs, OpenSea and Sommelier have helped propel Standard Crypto's assets under management to about $1.5 billion, the source tells Axios.
• Standard Crypto is known for working with its portfolio companies on hiring, token governance and operating nodes.

Editor's note: The bullet under Details was updated with commas to clarify the business lines.