Despite the turbulence in cryptocurrency, venture capitalists are still buying in, Bloomberg reported Wednesday (June 1).
Venture capital has been seeing something of a slowdown according to research from PitchBook, with global investments in crypto startups totaling $9.7 billion. And two-thirds of the way into the second quarter, crypto startups have raised $5.3 billion, which is on track for a small dip.
The report cited Andreessen Horowitz, which broke records by raising $4.5 billion in a fund specifically for crypto, while other startups like Babel Finance and StarkWare got multibillion valuations as well.
And crypto prices have not reflected this activity — the report notes that the price of the biggest coin, Bitcoin, has been hovering around $30,000, half the higher record prices of late 2021.
The report noted that investors might be ignoring the downturn, though some things have been changing for VC-backed startups, with some portfolio companies facing headwinds and investors...
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