“For those looking for VC funding for crypto, the Valley is almost closed,” says Gene Hoffman, CEO and president of Chia, the company behind the namesake blockchain.
Two years ago, the crypto industry was sucking talent out of the more established, “traditional” tech firms like Google, Amazon or Apple, but now, the industry doesn’t look as hot for the VCs and entrepreneurs here.
The reason? Artificial-intelligence startups are stealing thunder. And the recent SEC offensive against crypto, including investigations of the major global exchanges Binance and Coinbase, doesn’t help. “All but the diehards are now worried about buying coins,” Hoffman said. “We are going nowhere because the SEC is a blocker for us.”
Source: Silicon Valley, California: The Global Hub for VC Money May Be Cooling on Crypto
