# Сопутствующие статьи по теме VC

Новостной центр HTX предлагает последние статьи и углубленный анализ по "VC", охватывающие рыночные тренды, новости проектов, развитие технологий и политику регулирования в криптоиндустрии.

"Trillion-Dollar" Liquidity Release: Pre-IPO Equity Tokenization and the Restructuring of PE/VC Exit Paradigms

The article explores the potential of tokenizing pre-IPO equity to unlock trillions in illiquid private market assets, addressing structural barriers like high entry thresholds and limited exit options. It identifies three dominant models: synthetic assets (e.g., Republic, Ventuals) offering derivative exposure without direct ownership; SPV-based models (e.g., Jarsy, PreStocks) using offshore vehicles to hold and tokenize shares, though facing legal challenges from companies like OpenAI; and native collaborative models (e.g., Securitize, Centrifuge) that leverage Transfer Agent licenses for compliant, direct equity tokenization, termed Tokenization-as-a-Service (TaaS). Despite a nascent market size of $1-2 billion (with free-floating tokens under $100 million), concentrated in AI unicorns like SpaceX and OpenAI, the industry must overcome key hurdles: regulatory and corporate legal pressures, shallow liquidity, and uncertain IPO integration. Future growth depends on shifting toward compliant TaaS infrastructure, expanding beyond top unicorns to long-tail private firms, and building specialized trading systems like compliant AMMs.

比推01/26 06:47

"Trillion-Dollar" Liquidity Release: Pre-IPO Equity Tokenization and the Restructuring of PE/VC Exit Paradigms

比推01/26 06:47

Andreessen Horowitz-Backed Entropy Announces Shutdown

Decentralized crypto custody startup Entropy, backed by Andreessen Horowitz (a16z), is shutting down and returning remaining capital to investors, according to founder and CEO Tux Pacific. After four years, multiple pivots, and two rounds of layoffs, Pacific announced the decision on January 25. The company had recently shifted to a crypto automation platform but failed to meet venture-scale growth expectations. Entropy raised $25 million in a 2022 seed round led by a16z crypto, with participation from Dragonfly Capital, Coinbase Ventures, and others. Initially offering a decentralized alternative to custody providers like Fireblocks, the startup ultimately could not achieve sustainable growth. Pacific expressed gratitude to investors and indicated a personal shift away from crypto towards pharmaceuticals.

TheNewsCrypto01/26 06:21

Andreessen Horowitz-Backed Entropy Announces Shutdown

TheNewsCrypto01/26 06:21

Dialogue with OpenMind Founder: After Securing $20 Million Investment from Pantera, Sequoia, and Others, How Far Has the Robot 'Android' System Come?

Jan Liphardt, founder of OpenMind and a Stanford and UC Berkeley professor, discusses his vision to build a decentralized "Android-like" operating system for robots. After raising $20 million from investors like Pantera Capital and Sequoia China, OpenMind aims to solve fragmentation in the robotics industry, where over 150 hardware vendors operate in isolation with software focused only on mechanical control. OpenMind’s core includes the open-source robot operating system OM1 and the decentralized FABRIC protocol. OM1 enables individual robot intelligence, while FABRIC facilitates secure machine-to-machine and human-machine collaboration, identity verification, and micro-transactions. The system has attracted thousands of developers on GitHub and is being integrated with leading Chinese robotics firms like Unitree, Astribot, and Ubtech. A key milestone is the development of a robot application store, with the first app already launched. OpenMind’s enhanced robot dog can recognize owners, map environments, remember objects, answer questions, and monitor home safety. Liphardt emphasizes the role of blockchain in enabling global governance, immutable record-keeping, and machine-economy transactions. He sees near-term adoption in homes, schools, and workplaces by 2026, with challenges including hardware reliability, adaptive real-world performance, and safe AI behavior. OpenMind’s long-term goal is to develop "social models" for robots that are transparent, open-source, and privacy-centric, ensuring they remain beneficial and secure alongside humanity.

marsbit01/26 02:11

Dialogue with OpenMind Founder: After Securing $20 Million Investment from Pantera, Sequoia, and Others, How Far Has the Robot 'Android' System Come?

marsbit01/26 02:11

Hong Kong Industry Group Pushes Back on Tougher Crypto Manager Rules

A Hong Kong securities industry group, the HKSFPA, has criticized key parts of the city's proposed regulatory framework for virtual asset management. The group warns that the plan could deter traditional asset managers from gaining exposure to cryptocurrencies. A major point of contention is the removal of the existing 10% threshold, which currently allows Type 9 licensed managers to allocate a small portion of a fund to crypto without a full license. The proposed rules would require a full virtual asset license for any crypto allocation, which the HKSFPA calls disproportionate and costly. The group also raised concerns that proposed custody rules, requiring assets to be held only with SFC-licensed custodians, would disrupt venture capital and early-stage token investing, as many local custodians do not support such assets. The feedback highlights the industry's desire for risk-commensurate regulation rather than a one-size-fits-all approach that could hinder Hong Kong's ambitions to become a crypto hub.

TheNewsCrypto01/20 11:05

Hong Kong Industry Group Pushes Back on Tougher Crypto Manager Rules

TheNewsCrypto01/20 11:05

Dialogue with Hashkey Capital Partner Xiao Xiao: The Story and Key Insights Behind Raising $250 Million in 3 Months

HashKey Capital, a leading Asian crypto VC, successfully raised $250 million for its fourth fund, HashKey Fintech Multi-Strategy Fund IV, in just three months. The fund attracted institutional investors, family offices, and high-net-worth individuals, with a total target of $500 million. Unlike previous funds, this multi-strategy fund will focus on liquid assets, including public market investments, OTC purchases of tokenized assets, and selective private market deals. It offers greater flexibility and mid-term redemption options to meet LP demands for liquidity and exit opportunities. The fund will invest in global infrastructure, scalability solutions, and large-scale application scenarios. Xiao Xiao emphasized that mass adoption requires real usage motivation, sustainable business models, and network effects. Despite a market slowdown, HashKey remains active, seeking high-quality projects during cooler market periods. The firm avoids overvalued deals and prioritizes teams with strong execution, clear vision, and proper fund management. Xiao also discussed the evolving role of Chinese founders, noting their strength in execution and operational expertise, while highlighting the trend toward hybrid global teams. He expects greater transparency in the industry and a convergence of equity and token-based financing models. The crypto primary market is increasingly blending traditional and crypto-native exit strategies, with capital concentrating around top-tier projects and blurred lines between primary and secondary investments.

marsbit01/20 10:54

Dialogue with Hashkey Capital Partner Xiao Xiao: The Story and Key Insights Behind Raising $250 Million in 3 Months

marsbit01/20 10:54

Pantera: The Year of Ups and Downs in 2025, The Projects We Invested In

Pantera Capital's 2025 Investment Report highlights a record year with 31 investments, 85% of which were led by the firm. Four portfolio companies went public, reaching a combined market cap of ~$33 billion. Key investment areas included Infrastructure (38.71%), Internet Capital Markets (16.3%), Stablecoins (12.9%), Consumer (12.9%), AI & Robotics (12.9%), and Enterprise Solutions (6.45%). Geographically, 64.52% of investments were in North America. The year saw significant developments like $46T in stablecoin volume, BlackRock’s IBIT surpassing $100B AUM, and increased regulatory clarity. Pantera emphasizes that 2025’s volatility helped distinguish real value from hype, setting the stage for a stronger 2026.

marsbit01/19 08:38

Pantera: The Year of Ups and Downs in 2025, The Projects We Invested In

marsbit01/19 08:38

Crypto Startups Raise $588M in Early 2026 as Institutional Investment Returns

In the first two weeks of January 2026, crypto startups raised $588 million, signaling strong institutional interest in the sector. Major investors like Arthur Hayes, Paradigm, and YZi Labs are directing capital toward scalable, low-risk infrastructure rather than speculative projects. Funding is concentrated in areas such as payment systems, trading platforms, and privacy technology, with a focus on developing institutional-grade tools for banks and financial firms. Key beneficiaries include Rain, a stablecoin payments startup that raised $250M; Alpaca, a trading API provider that secured $150M; and ICEx, an Indonesian exchange that raised $70M. The trend highlights growing demand for privacy solutions and regulated services, underscoring a shift toward practical infrastructure over hype-driven investments.

TheNewsCrypto01/17 11:53

Crypto Startups Raise $588M in Early 2026 as Institutional Investment Returns

TheNewsCrypto01/17 11:53

Farewell to 'Storytelling' for Funding: What Kind of Projects Can Survive Beyond 2026

Title: Beyond Storytelling: What Projects Will Survive Beyond 2026 The venture capital landscape in crypto has fundamentally shifted. In 2025, top market maker and investor Wintermute Ventures approved only 4% of the 600 projects it reviewed. This reflects a broader trend: total crypto VC deals plummeted 60% from 2024, with capital concentrating heavily in later-stage rounds (56% of total funding). The driver is a radical change in market structure. Institutional capital now dominates (75% of liquidity), but it is largely trapped in major assets like BTC and ETH. The altcoin narrative cycle collapsed from 61 days to just 19-20 days, leaving little time for money to flow to smaller projects. The traditional four-year bull cycle is broken; a 2026 recovery requires a major catalyst. Consequently, VC investment logic has moved from "spray and pray" to a survival-of-the-fittest model. Funding now targets projects that can prove viability from the seed stage. Key requirements for survival include: 1. **Hard Proof of Product-Market Fit:** Real data points are mandatory, such as 1,000+ active users or $100k+ in monthly revenue, with a DAU/MAU ratio above 50%. 2. **Capital Efficiency & Default Alive Status:** Startups must achieve "default alive" status, with monthly burn not exceeding 30% of revenue. Large, cash-burning teams are untenable. 3. **AI Integration & Technical Sophistication:** AI is no longer optional; it's essential for reducing development cycles and optimizing operations. Privacy tech like zero-knowledge proofs is critical for compliance, especially in RWA tokenization. 4. **Liquidity & Exchange Compatibility:** Projects must plan their exchange listing path from day one, ensuring compatibility with institutional liquidity channels like ETFs. For investors, the mandate is clear: adapt or fail. The new standard is not "how big the story can be" but "can this project prove its ability to generate revenue from seed." Investment must focus on AI-crypto fusion, compliance, and emerging markets. The era of betting on narratives is over; execution and sustainable profitability are now the only metrics that matter.

marsbit01/16 09:13

Farewell to 'Storytelling' for Funding: What Kind of Projects Can Survive Beyond 2026

marsbit01/16 09:13

From "Heaven-Sent Public Chain" to "Heaven-Forsaken Public Chain": What Led to the Collapse of Berachain?

Once hailed as a "top-tier public chain," Berachain has seen a dramatic decline, with its new nickname "doomed chain" reflecting its severe downturn. Launched in February 2025 with an innovative Proof-of-Liquidity (PoL) consensus mechanism aimed at boosting DeFi efficiency, the project initially attracted significant interest. Its TVL surged to $3.3 billion, with over 140,000 active addresses. However, the ecosystem quickly deteriorated. TVL has since collapsed to $180 million, and the chain’s daily revenue dropped to just $84. The sharp decline is attributed to several critical issues. The tokenomics heavily favored venture capitalists (VCs), who received 34.31% of the total token supply, while retail participants received minimal allocations. This high Fully Diluted Valuation (FDV) and low circulating supply model led to artificial price spikes followed by a steep crash—BERA fell from a high of $9 to around $0.7, a drop of over 90%. Internal challenges also mounted. The foundation cut most of its retail-focused marketing team and saw key developers, including the chief developer, leave. Community trust eroded further when a Balancer protocol vulnerability forced a network halt in November 2025. Additionally, major token unlocks are scheduled starting February 2026, with 12.16% of supply—including significant VC holdings—set to be released, likely increasing selling pressure. Despite attempts at strategic shifts, including a partnership to use BERA as a reserve asset, the project faces intense community criticism and a loss of developer interest, with many moving to competing chains. The foundation has admitted that its "retail-first" strategy was ineffective, and if given another chance, it would not have sold so many tokens to VCs.

比推01/15 15:24

From "Heaven-Sent Public Chain" to "Heaven-Forsaken Public Chain": What Led to the Collapse of Berachain?

比推01/15 15:24

Cardano Lines Up An $80 Million War Chest: DDC Fund Goes Live

The Cardano Foundation has proposed an on-chain action to allocate up to $75 million from its treasury to the new Cardano x Draper Dragon Ecosystem Fund (DDC Fund), targeting a total of $80 million with external investment. Managed by Draper Dragon, the fund will invest in Cardano-native startups over six years, aiming to generate returns for the treasury and boost ecosystem growth. Financial targets include a 3x return on capital and a 25%+ IRR, with goals to increase Cardano's total value locked (TVL) from $300 million to over $3 billion. The proposal includes a transparent governance structure and a buffer for ADA price volatility.

bitcoinist01/14 17:02

Cardano Lines Up An $80 Million War Chest: DDC Fund Goes Live