Blockchain-focused venture capital (VC) firm Polychain Capital has raised around $200 million in an initial close for its fourth crypto venture capital fund, Fortune reported citing a person familiar with the matter.

Fortune said that Polychain still plans to raise $400 million in total for the fund, which matches the targeted amount in an April filing with the U.S. Securities and Exchange Commission for its Polychain Ventures IV (Parallel) LP fund. The filing shows that the fund had not raised any capital yet.

The VC firm has also let go of three members of its around 15-member research team as it shifts its investing focus, Fortune said citing the person.

Polychain Capital was founded in 2016 by early Coinbase employee Olaf Carlson-Wee. The firm has about $2.6 billion in assets under management, Fortune said citing Pitchbook data. The extended crypto winter has put pressure on the crypto investment landscape for both startups and the venture capital firms that back them.

Polychain Capital didn't immediately respond to a request for comment by CoinDesk.

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