Unless you’re running an AI startup, it’s tough to raise money these days. That’s especially true for crypto companies, where global venture funding fell by 78% in the first half compared to the same period last year, according to data from PitchBook.
Crypto focused venture capitalists still have plenty of money to put to work though, and several have told me that they’ve increasingly been buying more shares in secondary deals. A quick check of recent secondary transactions explains why this is an attractive alternative: Shares of once high-flying crypto startups are changing hands at deep discounts to their peak valuations.
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