To support the cryptocurrency business, $150 million has been invested by New York-based venture capital firm Hack VC.
The fund has deployed around one-third of its cash to potential startups, with a focus on early-stage companies in the cryptocurrency industry. Contributions to the blockchain effort Mysten Labs and the cryptocurrency financial services provider Amber Group are two of Hack VC’s notable investments.
This comes after Hack VC successfully raised $200 million during an investment round in 2022.
The company’s managing partner, Alex Pack, noted in a Bloomberg interview that this year’s fundraising environment is noticeably more difficult than in years past. The industry has experienced sharp drops in asset values from its 2021 peak over the last year, resulting in the demise of several significant businesses.
In particular, Pack described the failures of companies such as Terraform Labs, Three Arrows Capital, FTX, and BlockFi as deeply destabilizing events. Even though Hack VC has previously invested in BlockFi and Terraform, the company remains positive about the future of cryptocurrencies.
In addition to investing in startup companies and cryptocurrency tokens, Hack VC also focuses on projects that advance defi infrastructure, explore the intersection of cryptocurrencies and artificial intelligence, and decentralize the internet.
