Crypto Investor Protocol Ventures to Shutter and Return Cash: Report
Investors in the San Francisco-based fund of funds have reportedly lost as much as 90% over the past year.
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Feeling the squeeze of the crypto winter, Protocol Ventures is said to be closing down and returning investor cash in the first quarter of 2023, Bloomberg reported.
A so-called fund of funds, Protocol – which invested in Pantera, Multicoin Capital and BlockTower Capital among others – has lost as much as 90% over the past year, according to the report.
Bitcoin has been stuck in the $20,000 area for months versus the year-ago level just above $69,000. Altcoins, meanwhile, are generally faring even worse, with many tokens losing more than 80% of their value over the same period.
Protocol Ventures did not immediately respond to CoinDesk's request for comment.
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Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.