TechFlow news, according to Bloomberg, newly established cryptocurrency venture fund Reforge is actively advancing its fundraising plans. The firm aims to raise $80 million and has already secured $25 million in its first round. Reforge was co-founded in January 2024 by Alexander Lin and Carl Hua, both formerly senior executives at Shima Capital. Lin stated that Reforge will focus on identifying blockchain technologies that are more accessible to founders and developers, adding, "We believe the current Layer 1 blockchain landscape fails to meet the needs of top-tier consumer-focused founders."
Notably, Lin offered criticism of the current crypto market. He argued that capital allocators are overly focused on quickly launching tokens for returns, and he questioned the investment frenzy around crypto-AI crossover startups, particularly the feasibility of decentralized compute networks meeting the power demands of AI tools. Previous reports indicated that Shima Capital, the former employer of Lin and Hua, has recently been embroiled in controversy, with allegations that its founder, Yida Gao, misappropriated company assets to personal offshore entities, leading to the departure of several executives. Reforge's formation may be linked to this incident, though the two founders have not publicly commented.
