Fun

News Feed - 2023-07-28 10:07:34

Brayden Lindrea7 hours agoSequoia slashes its crypto fund by 66% after industry collapses: ReportThe $85 billion venture capital firm launched the Sequoia Crypto Fund in February 2022.4634 Total views10 Total sharesListen to article 0:00NewsJoin us on social networksVenture capital giant Sequoia Capital reportedly downsized its cryptocurrency fund from $585 million to $200 million, amid a liquidity crunch and a pivot away toward smaller crypto players.


According to a July 27 Wall Street Journal report, the tech-focused VC firm told investors in March it would reduce its Sequoia Crypto Fund — along with its ecosystem fund — to better reflect changed market conditions.Sequoia Capital curbed crypto investments by a hefty 65% , opting for a nurturing stance on startups. Not a volatile market apathy, but strategic cognition, folks! #CryptoInvestments $BTChttps://t.co/hfsAAd8jeV pic.twitter.com/8JvtyShg0n— Chain Review (@Chain_Review) July 27, 2023


The cryptocurrency fund will now focus more on backing early-stage startups, given the recent crypto industry turmoil that took away many of the opportunities to back larger companies.


Another motive behind the cuts is to lower the capital threshold and thus the barrier to entry for investors to partake in Sequoia’s fund offerings, according to the sources.


“We made these changes to sharpen our focus on seed-stage opportunities and to provide liquidity to our limited partners,” Sequoia reportedly said in remarks to the Financial Times. The firm added it had returned more than $15 billion to investors over the past three years.


The firm’s cryptocurrency fund launched in February 2022, when the market cap of the cryptocurrency market was 39.1% down from its all-time high of $3 trillion in November 2021.


One of the firm’s toughest blows in recent times was its $214 million investment into the now-bankrupt FTX, which the firm later marked down to $0.Sequoia Capital’s $214M #FTX stake marked down to $0 ⚰️ pic.twitter.com/RHQJaRq1dL— CryptoSavingExpert ® (@CryptoSavingExp) November 10, 2022


Cointelegraph reached out to Sequoia Capital for comment but did not receive an immediate response.


Related:Crypto VCs share lessons on startup success at EthCC


Sequoia’s reported move is reflective of a broader trend among venture capital firms that are choosing to downsize their cryptocurrency bets.


Venture capital investments fell 29.7% in June, with $779.32 million raised across 62 separate deals, according to data from theCointelegraph Research Venture Capital Database.


Venture capital inflows have fallen 77.7% from June 2023 compared to June 2022.VC fund inflows into the cryptocurrency market over the last 12 months. Source: Cointelegraph Research


However not every VC firm is reducing its cryptocurrency portfolio.


Polychain Capital and Coinfund recently raised $200 million and $152 million for respective investment and seed funds earlier this month.


Magazine:The secret of pitching to male VCs: Helping female crypto founders blast off# Altcoin# Business# Funding# Venture Capital# Silicon Valley# Cryptocurrency Investment# FTXAdd reactionAdd reactionRelated NewsHow to actually spend your Bitcoin, ExplainedERC-20 inventor discusses origins, new blockchains, BRC-20 and moreWhy is Jerome Powell gaslighting us about the odds of recession?Winklevoss slams DCG’s Silbert — Not even SBF was ‘capable of such delusion’Execs remain positive on long-term prospects amid VC funding downturnPolychain Capital, Coinfund raise $350M for new crypto funds: Report

News Feed

Helen Partz13 hours agoYou can build your own Trezor, but here’s the price — DIY wallet engineerAn electronics design manager who made his own Trezor One has assessed the difficulty of building a DIY crypto wallet fr
Ethereum Price Headed For Crash To $2,000 With Current Price Action
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Crypto Scam Websites Attracted Millions of Indians Last Year, Chainalysis Says
Crypto Scam Websites Attracted Millions of Indians Last Year, Chainalysis Says Indians visited crypto scam websites nearly 10 million times last year, according to blockchain data
Alphabet, Microsoft and Now Meta Release Disappointing Quarterly Earnings
Alphabet, Microsoft and Now Meta Release Disappointing Quarterly Earnings Meta joined Alphabet and Microsoft in releasing disappointing quarterly financials, following the company&
Bored Ape floor price sinks, NASA training astronauts in the metaverse: Nifty Newsletter
Prashant Jha5 hours agoBored Ape floor price sinks, NASA training astronauts in the metaverse: Nifty NewsletterNASA has turned to Web3 tech, such as the metaverse, as well as virtual reality, to train astronauts to live
Railgun denies being used by North Korea as it nears $1B total volume
Felix Ng7 hours agoRailgun denies being used by North Korea as it nears $1B total volumePrivacy protocol Railgun, which security analysts have labeled a “prime alternative” to Tornado Cash, denied U.S.-sanctioned ent
Portuguese Authorities Contemplate Launching an Investigation on Local Crypto Social Media Influencers
Portuguese Authorities Contemplate Launching an Investigation on Local Crypto Social Media Influencers Portuguese authorities are reportedly planning to take act
Africa Will ‘One Day Have a Common Currency’ Says Secretary General of African Continental Free Trade Area
Africa Will "One Day Have a Common Currency" Says Secretary General of African Continental Free Trade Area The secretary-general of the African Continental Free
WIF Bulls Charge Toward $2.89 As Key Resistance Test Looms
Este artículo también está disponible en español. Recent trading activity reveals that WIF is gaining bullish momentum, with its price surging toward the critical $2.89 r
Wirex CEO Pavel Matveev Shares Expansion Plans for 2020
Wirex CEO Pavel Matveev Shares Expansion Plans for 2020 International payment and crypto service Wirex has enjoyed a productive year. Over the course of 2019, partnerships have b
Report: South African Digital-Only Bank Launches Crypto Payments Gateway
Report: South African Digital-Only Bank Launches Crypto Payments Gateway A South African digital-only bank (also known as a “neo bank”), Be Mobile Africa, has reportedl
Bitfinex to Donate $1.3 Million Worth of BTC and USDT to Communities in El Salvador
Bitfinex to Donate $1.3 Million Worth of BTC and USDT to Communities in El Salvador The crypto exchange Bitfinex announced on Thursday that the trading platform plans to donate 36