TLDR:
Venture capitalist Salil Deshpande has raised $315 million for Uncorrelated Ventures’ new fund, with 20% of the funding going toward supporting cryptocurrency firms. Deshpande managed to secure the funding despite the decline in funding for the startup ecosystem. The uncertainty and reluctance to invest in crypto-based startups in recent years have contributed to the decline. However, the market is showing signs of recovery, with dented investor sentiments starting to recover.
Deshpande raised the funds with “no difficulty” and plans to allocate the majority of the funds to early-stage investments in traditional infrastructure software. The remaining 20% will support comparable firms in the cryptocurrency space. This $315 million funding is a positive sign for the market, which has also seen successful funding rounds for Swiss cryptocurrency bank Sygnum AG and cryptocurrency exchange HashKey.
Despite the recent decline in funding for crypto venture funds, the approval of a Bitcoin ETF has given the market confidence and signaled the legitimacy of digital assets. The upcoming year is expected to show signs of recovery as the market sees more strength in BTC prices post-Bitcoin Halving.
