New York-based venture capital firm Hack VC has secured a $150 million investment to strengthen the cryptocurrency industry.
The fund specifically targets early-stage companies in the cryptocurrency space, with around one-third of its capital already allocated to promising ventures.
Among Hack VC's notable investments are contributions to blockchain initiative Mysten Labs and cryptocurrency financial services company Amber Group. This follows a successful 2022 funding round in which Hack VC raised $200 million.
In an interview with Bloomberg, the firm's managing partner Alex Pack emphasized that the current funding environment is significantly more difficult than in previous years. Over the past year, the sector has seen asset values fall dramatically from their 2021 peak, leading to the downfall of several major companies.
Pack specifically cited the failures of companies like Terraform Labs, Three Arrows Capital, FTX, and BlockFi as highly destabilizing incidents. Hack VC is optimistic about the future of cryptocurrencies, even though in the past he has invested in Terraform and BlockFi.
Hack VC's investment strategy includes startup ventures and cryptocurrency tokens, with a focus on projects aimed at decentralizing the internet, advancing defi infrastructure, and exploring the convergence of cryptocurrency and AI technologies.
