1 year ago
Venture superior elephantine Sequoia Capital has chopped the size of its cryptocurrency money by much than 65% to $200 cardinal from $585 million, according to the Wall Street Journal, citing radical acquainted with the matter.
Sequoia told investors earlier successful the twelvemonth that it would shrink the money to bespeak a changed market, with the crypto money focusing much connected backing newer startups pursuing the crypto downturn that has reduced chances to put successful larger companies, according to the Journal.
The VC steadfast besides chopped the size of its ecosystem fund, which invests successful different task funds, by fractional from $900 cardinal to $450 million, according to the Journal’s sources.
Sequoia had antecedently made a high-profile $150 cardinal concern successful FTX, which collapsed successful November.
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