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Crypto Megafunds Strike a Comeback Following Low Deal Flow
During the last crypto bull market, a small number of investment firms raised massive digital asset funds worth at least $1 billion, spurring optimism and hype around blockchain. But the crypto downturn presented significant challenges for these investors, as the industry’s market capitalization shed trillions of dollars amid the chaos. Venture capitalists dramatically reined in their investing, with funding for crypto startups plunging to $9.5 billion last year, less than a third of what it was in 2022. FTX Ventures, the investment arm of FTX, which had raised a $2 billion crypto fund, shut down following the ... (full story)