Dragonfly managing partner Haseeb Qureshi weighs in on the state of crypto venture capital funding and due diligence after the collapse of FTX.
A lot has changed since the collapse of FTX. I think there was, there was a baseline of trust, especially among Western V CS that has largely gone out the window. Now, there's a perception that you need to double and triple check everybody else's work. So it's kind of like blockchains, right? It's like verify, don't trust. Uh The other thing is that FTX was a notoriously opaque business in the sense that there were a lot of different entities, there was a very complex corporate structure, that kind of thing is now also frowned upon where people want to see more simplicity. So they can really understand what's actually happening from a structuring perspective. The FDX bankruptcy famously was a nightmare because of how many different entities, different places with different assets there were. Um and of course, they were all intermingled with Alameda itself and that kind of thing now is an absolute no, no in the in the venture world. And so we're seeing a lot cleaner structuring from founders to make it more legible to investors exactly what they're investing into and where the assets are sitting