On May 2, Archetype, a cryptocurrency firm, expects to close a $150 million fund, the company’s second after naming Katherine Wu as a venture partner earlier this year.
The new fund will focus on businesses in various aspects of the crypto industry, according to Archetype founder and managing partner Ash Egan.
Cryptocurrency is on the verge of wider adoption
Egan’s optimism comes despite falling digital currency prices and concerns about a further collapse. Bitcoin, the most valuable cryptocurrency, lost roughly 14% of its value in April and fell below $40,000 on Friday, while Ethereum, the second most valuable token, fell by 13%.
A decentralized finance platform Polynomial and non-fungible token platform POAP Inc. are among the cryptocurrency firms in which Archetype has invested.
The new Archetype fund, according to Egan, will be utilized for both token and stock investments. Over the next 12 months, the company expects to more than double its current crew of four.
Katherine Wu said she prefers working at a small firm in the crypto area because there are so many transactions.