A16z co-founder, Galaxy Digital back 1kx’s new $75m crypto fund

Experienced investors in venture capital and cryptocurrency, including management firms, have expressed interest in supporting 1kx’s latest fund dedicated to crypto applications for consumers.

A cryptocurrency investment firm called 1kx, which focuses on fostering ecosystem expansion, has excessively fundraised for its initial venture fund, as per a Bloomberg article. Valued at $75 million, this fund has garnered investments from notable venture capitalists and crypto industry leaders like Marc Andreessen from a16z, Michael Novogratz’s Galaxy Digital, and Accolade Partners, among others.

At present, it’s unclear just how large of a stake Accolade holds in the newly established fund. Despite this uncertainty, reports identify Accolade as the leading investor. Regarding the investment strategy, details are still scarce, but the new fund is anticipated to primarily support crypto projects centered around consumer applications.

1kx has a history of backing various cryptocurrency initiatives, with a focus on those that involve infrastructure development and decentralized finance, such as Gitcoin, Gnosis, and code4arena, based on their investment portfolio.

Founded in 2017 by Christopher Heymann and Lasse Clausen, 1kx functions as a venture capital company with a particular interest in early-stage investments in the field of blockchain and cryptocurrency. Their objective, clear from their website, is to help and finance groundbreaking startups that utilize blockchain technology. Beyond financial resources, 1kx also provides strategic advice and networking prospects to its invested companies.

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2024-03-28 15:25