According to the statement, David Pakman, a CoinFund partner and member of the boards of Dapper Labs and Rarible, will serve as the fund's managing partner. Shima Capital, a venture capital company by Wall Street veteran Yida Gao, has launched a new fund concentrating on pre-seed and seed-stage investments. Shima Capital was founded in 2021 by Gao, who previously co-founded the crypto hedge fund Divergence Digital Currency. Gao said in an interview,
"Launching the fund in the bear market is great,"
In the first half of 2022, venture capital spending in the cryptocurrency industry decreased by 26% from the same period in 2017. Despite this, the volume of deals grew, suggesting a trend to earlier, smaller investment rounds. Andreessen Horowitz revealed in May that its new cryptocurrency fund had raised US$4.5 billion. While closing a recent fundraising round totaling over US$7 billion in July, Lightspeed Venture Partners introduced a new division focused on investing in blockchain infrastructure Lightspeed Faction.