PANews reported on November 23 that Michael Gilroy, former fintech director of cryptocurrency-friendly investment company Coatue Management, is co-founding a new venture capital firm, according to Bloomberg, citing people familiar with the matter. Gilroy is working with technology investor and current board member of cryptocurrency exchange Coinbase Gokul Rajaram to raise up to $500 million for the company's first fund. The two are discussing financing with cornerstone investors, but financing will not officially begin until 2025. Although the name of the new company has not yet been revealed, the company will focus on investing in early-stage fintech and software companies in the United States.