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Crypto VC Funding Plunges by 80% in Dire Quarter for Startups by Hannah Miller confirms that the "consummation Devoutly to be wish'd" is happening:
"Global VC funding for the industry fell to $2.4 billion in the quarter, an 80% decline from its all-time high of $12.3 billion during the same period last year, according to PitchBook. The drop is “not a surprise,” said PitchBook crypto analyst Robert Le, who noted that venture investing has dwindled across the board this year. In addition to rising interest rates, the first quarter also saw the unraveling of Silicon Valley Bank, an institution widely relied on by venture-backed companies."
Apparently, the real problem is that VCs have started doing their job:
"Le said the collapse and bankruptcy of crypto exchange FTX has helped slow down the pace of funding rounds and has reinforced the need for due diligence. Rather than rushing into deals, VCs are conducting months of research and asking founders more questions before deciding whether to back a startup."
What a novel idea!
Apr 12, 2023, 1:23:21 PM
Posted to Two Great Reads