Sequoia Capital cuts crypto, ecosystem funds by over 50% as it continues to downsize

As the crypto market continues to deal with depressed prices, many traditional investors are shying away from the sector as they seek safer abodes for their capital. Mega VC firm Sequoia Capital is the latest to do so, with the firm paring down two major venture funds, including its crypto fund, in an effort to downsize.
Sequoia has slashed its crypto fund down by 65.8% to $200 million from $585 million, the Wall Street Journal reported, citing anonymous sources. The firm has also halved its ecosystem fund, which provides capital to other venture funds, to $450 million, the report said.
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