Hashed plans to complete the fundraising for its third venture fund in the first quarter of 2025 and launch a new investment vehicle in Abu Dhabi to enable direct Token investments within the regulatory framework of that region. He said this strategic expansion aims to address the existing problem of Korean domestic funds being unable to make direct Token investments due to local regulatory restrictions, but did not disclose the target fund size.
8. Hack VC: Betting on Crypto and AI, Infrastructure, and DeFi
Hack VC co-founder and managing partner Ed Roman told The Block that unless a black swan event occurs, crypto venture capital funding is expected to "grow significantly" by 2025. Roman attributed this to crypto-friendly government policies and the rekindled enthusiasm of Web3 entrepreneurs.
Hack VC primarily focuses on three areas: crypto and AI, infrastructure, and DeFi. Roman mentioned that the crypto space offers unique opportunities in the multi-layer AI stack due to GPU-based decentralized physical infrastructure networks (DePINs). "This is a trillion-dollar market serving Web2 customers," he said.
In the infrastructure space, Hack VC is optimistic about scalability protocols, modular infrastructure, Web3 security, Maximal Extractable Value (MEV) improvements, and account abstraction technology. These innovations significantly enhance the Web3 technology stack and improve the user experience of decentralized applications (dApps).
In the DeFi domain, Hack VC believes the current period represents a "once-in-a-generation opportunity to streamline the financial system." Roman views stablecoin-based payments as the foundation of this system, with vast real-world application potential, and representing a "trillion-dollar market." However, he is less bullish on NFTs, predicting that most NFTs will depreciate, with only top-tier assets maintaining value.
9. Portal Ventures: Supporting Integrated Platforms
Portal Ventures founder and managing partner Evan Fisher expects the "animal spirits" to return to the market by 2025, but financing levels will not reach the highs of 2021-2022 due to the unique macroeconomic environment of those two years.
Fisher told The Block that Portal Ventures is bullish on platforms that provide both infrastructure and applications, as these can control the user experience and build practical use cases. However, he predicts that investment in heavier infrastructure projects, such as zero-knowledge development platforms and middleware, will slow down due to a lack of customers and sustainable business models.
10. Blockchain Capital: Focused on Multiple Areas, Including Stablecoin Infrastructure and DeFi
Blockchain Capital partner Kinjal Shah expects financing levels to rise in 2025 as the market remains strong. However, she believes the funding size will not return to the highs of 2021-2022, as that boom was influenced by broader macroeconomic trends.
Blockchain Capital will continue to maintain an opportunistic investment approach, focusing on stablecoin infrastructure, innovative distribution models, and DeFi platforms that connect institutional and retail users.
