Former Genesis vice president Roshun Patel has joined venture capital firm Hack VC as a partner, according to the company’s website and his LinkedIn profile.
Patel spent over three years at the crypto trading firm Genesis before leaving in March last year. Genesis suffered from several high profile losses last year, from lending $2.36 billion to defunct crypto hedge fund Three Arrows Capital (3AC), to its trading arm Genesis Global taking a significant hit from the fallout of FTX. After failing to secure emergency funding, Genesis Global filed for Chapter 11 bankruptcy protection.
Patel oversaw institutional lending while at Genesis, according to a Genesis first quarter report from last year. He was expected to join new venture capital firm DBA Crypto. The Block reported that the fund was co-founded by former Galaxy Digital and Genesis executives and looking to raise $500 million. DBA launched at the start of this year, but the Genesis executives originally listed in the SEC filing are no longer mentioned on the fund’s website.
Patel and Hack VC did not respond to requests for comment before publication time.
Hack VC is a crypto venture firm co-founded by Ed Roman and Alexander Pack. Roman, who was a solo GP, invested in early-stage tech and crypto companies for over 10 years through Hack VC before partnering with Pack, according to a report from TechCrunch. Pack had co-founded Dragonfly Capital and helped launch Bain Ventures’ crypto practice before teaming up with Roman.
At the start of last year, the firm announced it had raised a $200 million fund from backers including Sequoia Capital, Fidelity and Digital Currency Group.
The firm has backed startups such as EigenLayer, Mirror and Mysten Labs. Patel is listed as a partner on the firm’s website as well as on his LinkedIn and Twitter profile.
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Source: https://www.theblock.co/post/222198/former-genesis-exec-roshun-patel-joins-hack-vc-as-partner?utm_source=rss&utm_medium=rss