FTX's collapse a wake-up call for venture capitalists, Dragonfly partner says

2022/11/22 07:10

The fallout of bankrupt crypto exchange FTX's collapse is a wake-up call for venture capitalists, Tom Schmidt, a partner at crypto-centered investment firm Dragonfly Capital, said Monday. Schmidt told CoinDesk TV’s “First Mover” program that in the case of FTX, the red flags that VCs missed may have in part been due to the “byproduct of the funding environment,” which made it easier for crypto startups to receive early-stage funding with "extremely low interests," as "tons of capital" flooded into the VC market. “Naturally, when you have so many more bidders than opportunities, that moves the price up and [it] shortens diligence time [and] the amount of negotiation and leverage that VCs have in those conversations,” Schmidt said.

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