6 when Binance CEO Changpeng Zhao tweeted that Binance - the largest exchange by volume - would sell its holdings of FTX’s native token, FTT. While it can be argued FTX’s problems began years ago, the issues boiled over starting Nov. “This may be what forces VCs to start using common sense again - although that’s the byproduct of every downturn and it always dissipates the minute easy money arrives,” he added. Tusk said while crypto is a useful asset class for people who distrust central banks, that doesn’t justify all of the money raised and invested in the sector. “There’s a fine line between betting on the future - even when it means investing in concepts that, at least today, don’t entirely add up - and just throwing money at a concept because everyone else is doing it,” said Bradley Tusk, co-founder and managing partner at Tusk Venture Partners, which invests in the crypto industry. That cooling may continue as investors start to ask questions they should have been asking all along. Thus far this year, just slightly more than half that number - $12.8 billion - has been invested in similar startups. Last year saw a record $23.3 billion invested in VC-backed crypto startups, according to Crunchbase data. The crypto venture market has already cooled significantly from 2021 - like most other venture markets. Freelance Writers: How To Pitch Crunchbase News.
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