Crypto hedge fund Pantera Capital is raising a new $1 billion fund, of which more than $200 million will be used to invest in artificial intelligence (AI)-related projects.

Cosmo Jiang, the fund's investment manager, said that in the next 10 to 20 years, all crypto companies will become AI companies. Pantera Capital has invested 15% to 20% of its capital in AI-related blockchain projects in its early funds, and expects the new fund to invest a higher proportion.