What does it mean for Joey Krug, a former Pantera executive, to join Founders Fund as a partner?

Former Pantera co-chief investment Officer Joey Krug announced Monday that he is joining Founders Fund as a partner. This means that Founders Fund will increase its strategic layout in the crypto space and help the development of the crypto industry.

Founders Fund was founded in 2005 by a group of PayPal founders, including billionaire entrepreneur Peter Thiel. The venture capital firm has a reputation in Silicon Valley for investing in Facebook, SpaceX, Lyft, Stripe and many more. Founders Fund also plays a pivotal role in the crypto field. It began to buy bitcoin in 2014 and increased its holdings in the following 8 years, becoming one of the earliest primary market funds involved in crypto assets in the United States. Early last year, Peter Thiel liquidated his position at the crypto high, earning Founders Fund a handsome return of nearly $2 billion. Pantera, meanwhile, lost 80% of its money in the crypto bear market that followed.

The addition of Joey Krug means Founders Fund will further ramp up its investment in crypto. Krug tweeted that he will be working on a crypto strategy for Founders Fund for the next decade and searching for crypto startups and founders with innovative potential. Krug's extensive crypto investing experience from her six-year tenure at Pantera will breathe new life into Founders Fund's crypto investing strategy.

With the addition of Joey Krug, Founders Fund will leverage its brand strength and crypto expertise to provide more comprehensive support to crypto startups. Krug said in a Medium blog post: "" Historically, crypto Founders have often had to choose between traditional VCS and experts in the crypto space. However, by combining my crypto expertise with Founders Fund's brand and combined expertise, I believe there is no company better positioned to lead the financing and growth of crypto protocols and companies over the next decade." "

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