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

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

Venture capital veterans as well as crypto management firms have lined up to back 1kx’s new fund focused on crypto consumer apps.

Crypto investment firm that specializes in ecosystem growth 1kx has oversubscribed its early-stage venture fund to back crypto projects, according to a Bloomberg report. The fund, reportedly valued at $75 million, has attracted backing from prominent figures in the venture capital and crypto management sectors such as Marc Andreessen, co-founder of a16z, Michael Novogratz’s Galaxy Digital, and Accolade Partners, among others.

Although Accolade is noted as the main investor in the new fund, the extent of its stake remains undisclosed at the time of writing. While specifics regarding investment directions are yet to be fully disclosed, the new fund is expected to primarily focus on crypto consumer applications.

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1kx has a track record of supporting numerous crypto projects, particularly those centered around infrastructure solutions and decentralized finance such as Gitcoin, Gnosis, and code4arena, according to the firm’s portfolio.

Established in 2017 by Christopher Heymann and Lasse Clausen, 1kx operates as a venture capital firm with a strategic focus on early-stage investments in blockchain and crypto projects.The firm’s mission appears to focus on providing support and funding to innovative startups leveraging blockchain technology, as indicated on its website. In addition to financial backing, 1kx is also understood to offer strategic guidance and networking opportunities to its portfolio companies.

Read more: Andreessen Horowitz (a16z) pauses crypto fund expansion for AI endeavor