Crypto.comVenture capital firm’s doubts some of the steep valuations in this sector.
According to CEO Kris MarszalekWho spoke about the subject in an Interview Bloomberg News, published on Wednesday April 17,
Marszalek makes this statement as an observation, the report stated. Crypto sector is on the rise The rise in funding for crypto-startups at the early stages has triggered a boom of billion-dollar rounds. Bloomberg compares it to the “investment mania” of the COVID bull run, which had mixed results.
Marszalek said to the outlet, “We are looking for the return on investment.” At this time, the valuations that project teams have been putting forward are extremely generous.
Bloomberg reports that Crypto.com Capital’s investment activities have been reduced since 2022. This was the year in which it had $500 million available to invest into crypto startups. According to publicly-available information, analysts at Dealroom have only logged four Crypto.com investment since the beginning of the year. This compares with 35 investments in the previous two years.
Marszalek stated that the fund was looking to “scale back a bit” as activity in crypto ventures grew. Marszalek said that the fund tries to “be reasonable” on this issue.
According to Marszalek the unit made 70 investments, and spent a sum of nine figures, but he refused to provide Bloomberg with an exact number.
Bloomberg Crypto.com CEO Marszalek said in an interview with Bloomberg this week that he was in the market for a cryptocurrency. The hiring of 1,400 new employeesA little over a year since the company first announced that it would be letting One-fifth its staff is let go.
Marszalek stated that the company plans to hire another 700 people for customer service, and 200 more in corporate roles. This report states that Crypto.com, Kraken and Binance are not the only companies in the crypto industry that have recently added positions.
Brad Garlinghouse, the CEO of Ripple, predicted in a recent statement that by 2024 the crypto’s value will reach $1 trillion. The $5 trillion milestone has been reached.
Garlinghouse, speaking to CNBC, said that he expected the value of crypto to double in the coming year due to the fact that the U.S. has approved the first spot bitcoin ETFs and will soon “halve” bitcoin.
Garlinghouse stated, “I have been in this business for many years and I have seen trends change and come back.” “I am very optimistic. “I think macro-trends and big picture items like ETFs are driving real institutional money for the first times.”
He added, “you’re seeing this drives demand and, at the same, demand is increasing while supply is decreasing.” It doesn’t require an economist to explain what happens when demand increases and supply decreases.