As the cryptocurrency industry evolves, major players such as Binance, Coinbase, and Kraken reevaluate their startup support strategies. This shift comes as the market experiences a decline in crypto venture funding and increased regulatory scrutiny.
These crypto heavyweights are adjusting their investment focus, exploring international opportunities, and prioritizing startups with tangible products and revenue.
Crypto Venture Funding Plummets
According to a report by Bloomberg, Coinbase Global, known for being a significant investor in the cryptocurrency realm, has witnessed a decline in its investing activity in recent months.
This slowdown aligns with an industry-wide trend as corporate venture capital arms reduce their investments in crypto companies. In the third quarter of this year, overall crypto venture funding dropped by 63% to $2 billion compared to last year’s period.
Coinbase Ventures, the venture arm of Coinbase, has adjusted its investment strategy to focus on startups based outside of the United States. This shift is driven by the increasing regulatory scrutiny the crypto industry faces, leading some international companies to exclude the US from their business plans.
Coinbase Ventures has made over 50 investments across 15 countries in the past year, particularly focusing on India, Singapore, Australia, and the UK.
Kraken Ventures, the venture arm of Kraken exchange, has also experienced a decline in deal count over the past year. Nonetheless, the team remains actively involved in making investments.
Go to Source to See Full Article
Author: Ronaldo Marquez
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
