According to a report from Bloomberg, US crypto fund Protocol Ventures will likely face closure following the market decline. An announcement of the move was sent to investors at the end of October. The closure is likely to be completed by year-end or the first quarter of 2023, one of the people said.
Investors in the fund may have lost up to 90% of their money in the past year, according to people familiar with the matter. On the side of Protocol Ventures, there is currently no comment on this matter.
Protocol Ventures is a fund that focuses on investing in crypto hedge funds and has invested in companies such as BlockTower Capital, Multicoin Capital, Pantera, and Electric Capital.
This year, many crypto funds went bankrupt due to pressure from the biggest crypto crash in history of Terra-LUNA, the prolonged crypto winter also became one of the causes. Besides, the fact that central banks around the globe raised interest rates to fight inflation also made cryptocurrencies suffer heavily.
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