Just over a year after launching its crypto fund, venture capital firm Sequoia is now rolling back its investments and taking more of a more careful approach. The firm was making some serious waves when it launched its crypto fund last year in February, signaling that crypto was ready for mainstream VC backing. But now the company has reportedly downsized its cryptocurrency fund by 65% as the crypto winter rages on.
Sequoia Pulls Back On Its Crypto Funding
Sequoia Capital, one of Silicon Valley’s most prestigious VC firms, is scaling back its ambitions in the crypto space. After launching a dedicated $585 million crypto fund last year, Sequoia recently announced they’re slashing it by 65% to $200 million.
The firm has also reduced its ecosystem fund by 50%. The fund, which invests in other smaller venture funds and solo investors, is now at $450 million, down from $900 million.
Insiders close to the situation said this is a result of the bear market, which has affected projects
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