Major VC Firm Sequoia Capital Marks FTX Investment to $0 — Says ‘Liquidity Cr...
Venture capital giant Sequoia Capital is marking its investment in the embattled crypto exchange FTX down to $0. “In recent days, a liquidity crunch has created solvency risk for FTX,” the firm stressed, adding that “The full nature and extent of this risk is not known at this time.” Sequoia Capital Deems Its Investment in FTX Worthless Sequoia Capital sent a letter to its partners Wednesday informing them about its investment in cryptocurrency exchange FTX. The venture capital firm wrote: In recent days, a liquidity crunch has created solvency risk for FTX. The....
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The venture capital firm assured partners it ran a rigorous due diligence assessment when it invested in FTX, finding the exchange to generate $1 billion in revenue and $250 million in operating income. Venture capital firm Sequoia Capital tweeted out a letter sent to its partners on Nov. 10 revealing the firm had marked its $213.5 million investments in FTX and FTX US down to $0, claiming them as a complete loss.The letter said that the crisis facing FTX has “created a solvency risk” but claimed its exposure to the exchange is “limited” in its Global Growth Fund III, where its cost basis....
Sequoia China is known for backing many crypto firms, including the troubled crypto lender Babel Finance, which halted withdrawals in mid-June. Sequoia Capital China, the Chinese affiliate of cryptocurrency-friendly venture capital firm Sequoia Capital, is about to raise $9 billion for its four new funds focused on Chinese startups.In raising the capital, Sequoia China has already exceeded its initial target of roughly $8 billion, The Information news agency reported on July 4, citing two people familiar with the matter.The report notes that the final amount of the raise is supposed to be....
On February 17, the venture capital firm Sequoia Capital announced the launch of a new $500 million to $600 million sub-fund dedicated to “liquid tokens and digital assets.” The company noted during its announcement that the new fund highlights Sequoia’s strategic “commitment to crypto.”
Venture Firm Sequoia Capital to Launch a Fund Focused on Liquid Tokens and Digital Assets
The American venture capital firm headquartered in Menlo Park, California, Sequoia Capital is starting a fund that will be focused on investing in crypto assets. In a blog....
Venture capital firms allocated $25.2 billion towards blockchain and cryptocurrency projects in 2021, the highest on record. American venture capital firm Sequoia Capital has launched a new cryptocurrency fund as part of its ongoing efforts to bootstrap the next generation of promising crypto-focused startups.Bloomberg reported Thursday that Sequoia is allocating up to $600 million towards the new sector-specific fund. Shaun Maguire, a partner at Sequoia, described crypto as a “megatrend over the next 20 years” and called it “the future of money.”The new crypto fund is part of three new....
The company confirmed its bet on the crypto space with its latest investment partners. Citadel Securities announced that VC firms Sequoia and Paradigm made a $1.15 billion combined minority investment in the market maker, bringing its valuation to $22 billion. The partnership with Paradigm, a Web3-focused investor, signaled Citadel Securities’ shift toward new asset classes such as crypto.Sequoia, who led the round, with investment from Sequoia Heritage, Sequoia Capital Global Equities and the Global Growth Fund, will also get a seat on the Citadel Securities Board of Directors for Sequoia....