Sequoia Capital Cut Back Crypto Fund Size from $585M to $200M

Reported by WSJ, Sequoia Capital has cut back the size of its crypto investment fund to $200 million from $585 million.

The venture capital firm also cut back an ecosystem fund that invests in other venture funds to $450 million from $900 million, according to the report. Sequoia told investors about the cuts in March, saying they were being made to reflect market conditions that have been typified by a prolonged downturn.

The company plans on focusing on backing young startups with the pared down crypto fund as opposed to larger companies that have faced challenges given current conditions, according to the report.