Co-encapsulation of hydrophilic and hydrophobic compounds within a single delivery system remains a significant challenge across various scientific and industrial fields. Towards this direction, an encapsulation strategy is proposed, enabling the simultaneous incorporation of both hydrophilic and hydrophobic biomolecules within a hydrogel matrix. Specifically, the cyanobacterial protein phycocyanin (hydrophilic), extracted and purified by dry Arthrospira maxima biomass, and curcumin (hydrophobic) bound to bovine serum albumin (BSA) were utilized. This approach facilitates the indirect entrapment of hydrophobic molecules within the hydrophilic hydrogel network. The structural and physicochemical properties of the resulting hydrogels were characterized using optical analysis, scanning electron microscopy (SEM), and confocal laser scanning microscopy (CLSM). Additionally, the antioxidant potential of the encapsulated biomolecules was evaluated to assess their functionality after the encapsulation. Furthermore, a cell viability assay confirmed the hydrogel’s biocompatibility and lack of toxicity, demonstrating its suitability as a multifunctional biomaterial for biomedical and pharmaceutical applications.