Venture capital firm Lightspeed Faction has announced that it has raised $285 million for its new crypto fund, despite the broader decline in venture capital funding for crypto startups. The fund will focus on investing in early-stage blockchain projects that are still in their seed or Series A financing rounds. Lightspeed Faction is a joint venture between Lightspeed Venture Partners, a traditional venture capital firm, and Faction, a crypto-native venture capital firm. The firm's co-founders, Banafsheh Fathieh and Samuel Harrison, believe that the crypto industry is still in its early stages and that there is a lot of potential for innovation.