Crypto Is Down Bad, But VCs Keep Pouring Money In
Given the contagion and chaos we have witnessed since Sam Bankman-Fried’s crypto exchange FTX had a sudden multibillion-dollar coronary, you may be tempted to conclude the entire crypto industry is headed for the great Chapter 11 bankruptcy filing in the sky.
Analysts at Pitchbook report that crypto VC investment in 2022 (a brutal year across all tech) has outweighed that of both fintech and biotech, pulling in $6.5 billion over the last 12 months, $879 million of it in the last quarter. Just take a look at the last week or so of drab crypto industry press releases. You’ll see a $4.75 million round for a thing called Earn Alliance. A $70 million raise for a thing called Ramp Network. A further $15 million for Roboto Games.
Source
@TradeCryptoNow
