Venture capital still haunted by crypto chaos

The scars of bitcoin’s disastrous 2022 run deep

While breezy bitcoin has bounced back, leaping by about 55% this year, investments in crypto startups have dropped for the fifth straight quarter.

Crypto investors remain haunted by the chaos that descended on the sector last year when the implosion of the FTX exchange and other major firms, including hedge fund Three Arrows Capital, sent shockwaves through the industry.“The biggest change from the height of the market is more time to do deeper diligence,” said Cameron Peake, partner at Restive Ventures. “There’s not necessarily anything new that is happening, except that funds are actually doing diligence now.

“I wouldn’t be surprised if in the near term that changes from ‘have to have’ raises to ‘nice to have’ raises.”VC crypto investments have correlated with crypto asset prices with a lag of roughly three to six months, according to PitchBook, and if current trends continue, VC investment would rise during the second half of 2023.

Now, though, crypto bets have shifted towards firms that provide the platform or support the underlying technology of blockchain or cryptocurrencies.

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