Crypto fund-of-funds Protocol Ventures is shutting down: Bloom | Trade Crypto Now

Crypto fund-of-funds Protocol Ventures is shutting down: Bloomberg

Bloomberg reported the news on Thursday, citing unnamed people familiar with the matter. The shuttering is expected by the end of this year or the first quarter of next year, per the report. Protocol Ventures reportedly sent notices to investors at the end of October about the move.

Protocol Ventures was founded in 2017 by serial entrepreneur and venture capitalist Rick Marini, reportedly as the first-ever fund-of-funds for cryptocurrencies. The fund had started with $1 million of Marini's own money and it had hoped to raise $100 million at the time. Investors in Protocol's fund-of-funds may have lost as much as 90% over the past year, according to the Bloomberg report.

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