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Because the crypto market continues to cope with depressed costs, many conventional buyers are shying away from the sector as they search safer abodes for his or her capital. Mega VC agency Sequoia Capital is the newest to take action, with the agency paring down two main enterprise funds, together with its crypto fund, in an effort to downsize.
Sequoia has slashed its crypto fund down by 65.8% to $200 million from $585 million, the Wall Avenue Journal reported, citing nameless sources. The agency has additionally halved its ecosystem fund, which gives capital to different enterprise funds, to $450 million, the report stated.
Sequoia didn’t instantly reply to a request for remark.
Sequoia launched the 2 funds in February 2022, months earlier than the crypto market suffered a cascade of industry-crumbling occasions beginning with the Terra/LUNA collapse. Since then, confidence in crypto has usually gone downhill and there’s been a drought of VC investments within the house.
Now, Sequoia is seeking to put money into youthful startups, after later-stage crypto firms like Three Arrows Capital, Voyager and FTX filed for chapter.