1kx, known for its investments in early cryptocurrency projects, announced that it has launched a new $75 million fund and closed the fund. The company also informed that there was greater interest in the fund than they expected and that Marc Andreessen and Galaxy Digital were among the investors.

Speaking to Bloomberg from the US media, Lasse Clausen, founder of 1kx, said that apart from Marc Andreessen and Galaxy Digital, the investment firm Accolade also participated in the fund and was also the company that invested the most. Accolade is particularly known for its investments in technology and healthcare, and instead of investing directly in companies, it acts towards funds with growth potential.

According to founder Lasse Clausen, 1kx’s new crypto fund focuses on consumer applications. Clausen said the new fund has already invested in 5 companies, but did not give details.

VC investments increased for the first time in 2 years

The investment comes at a time when VCs are starting to move into the crypto industry and Bitcoin spot ETFs are raising billions of dollars. The figures show that venture capital firms’ (VCs) investments in the crypto/blockchain space increased for the first time (quarter-on-quarter) since March 2022. In February, many cryptocurrency startups such as Lava Protocol, Analog, Helika, Truflation and Omega announced that they increased the amounts they received funding.

One of the most significant of these was the $100 million investment made by Andreessen Horowitz, founded by Marc Andreessen, in EigenLayer, a provider of the “restaking” protocol.

Web3 company Avail also raised $27 million in February in an funding round led by Founder Fund and Dragonfly.