The VC-dominated crypto funding model needs a reboot By Cointelegraph
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Does the crypto industry’s funding space need an overhaul? This is one of many questions swirling in the wake of FTX’s downfall: When the prominent exchange collapsed, it left behind a long line of helpless creditors and lenders — including many promising projects dependent on funds promised by Sam Bankman-Fried and company.
But there is a bigger problem at the heart of the current funding picture, wherein deep-pocketed venture capital firms throw their weight around in the low-liquidity Web3 market, heavily backing early-stage projects before cashing out at a profit once retail has FOMO’d into the market.
Justin Giudici is a co-founder of Telos, a third-generation blockchain platform for building scalable distributed applications with feeless transactions. He’s also the CEO of Infinitybloc, a decentralized gig economy platform. He holds a bachelor’s degree in commerce from Curtin University.
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Does the crypto industry’s funding space need an overhaul? This is one of many questions swirling in the wake of FTX’s downfall: When the prominent exchange collapsed, it left behind a long line of helpless creditors and lenders — including many promising projects dependent on funds promised by Sam Bankman-Fried and company.
But there is a bigger problem at the heart of the current funding picture, wherein deep-pocketed venture capital firms throw their weight around in the low-liquidity Web3 market, heavily backing early-stage projects before cashing out at a profit once retail has FOMO’d into the market.
Justin Giudici is a co-founder of Telos, a third-generation blockchain platform for building scalable distributed applications with feeless transactions. He’s also the CEO of Infinitybloc, a decentralized gig economy platform. He holds a bachelor’s degree in commerce from Curtin University.
Continue Reading on Coin Telegraph
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