Funding and valuations for cryptocurrency and Web3 startups may have experienced a significant decline over the past 18 months, but Brandon Gath, managing director of enterprise cryptocurrency and blockchain venture capital firm Kraken Ventures, said the market has actually recovered. Kraken Ventures, which has about 80% equity and the remaining 20% tokens in its portfolio, has been tipped to raise $100 million for its second fund, although Brandon Gath would not disclose the exact amount, but he confirmed that he has been working on the second fund for several months and will officially launch sometime in the second half of this year, while the limited partnership composition will be roughly the same as its predecessor, including large asset managers, family offices, other venture capital funds and trading firms, and several founders from the Web3 ecosystem.