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Venture capital firm Hack VC is set to announce on Tuesday that it has secured $150 million in funding focused on digital asset businesses, despite a sharp decline in funding for crypto startups over the past year. is.
New York-based venture capital firm Huck VC has already invested about a third of its recently launched fund targeting early-stage companies, said managing partner Alex Pack.
Hack VC previously launched a $200 million fund in 2022. The company has invested in companies such as blockchain startup Mysten Labs and cryptocurrency finance company Amber Group.
In an interview, Pack said: “It’s a slightly more challenging environment now than it was a few years ago, but we did this because we’re very excited about the infrastructure opportunity and everything we’re seeing in early-stage VC. ” ”
The cryptocurrency industry has been hit hard over the past year, with digital asset prices falling from their 2021 highs and several companies going bankrupt.
Pack called the collapse of startups like Terraform Labs, Three Arrows Capital, FTX, and BlockFi “really traumatic events” for the sector. Hack VC had invested in Terraform and BlockFi, and Pack said he is ready to move forward.
He said, “There are still geeky people across the industry building stuff underneath, and that didn’t stop after FTX.”
Hack VC, an investment firm that supports both cryptocurrency tokens and startups, is involved in efforts aimed at decentralizing the internet, startups building a framework for decentralized banking, and collaboration between cryptocurrencies and artificial intelligence. We aim to support businesses that bridge the gap.
Pack said blockchain technology is appealing to companies that want to simplify and reduce the cost of acquiring processing power, a resource needed for operations such as training large-scale language models found in artificial intelligence. He says he feels this.
Pack, who has nearly a decade of experience in the field, observes that the crypto market is rapidly changing, initially centered around Bitcoin, but has since expanded to include a wide range of tokens and industries. Masu. He believes the rapid transformation will continue, saying, “I think we’re still in the very early stages.”
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