Erik Svenson, co-founder and chief financial officer of blockchain infrastructure company Blockstream, said the crypto industry has underperformed over the past year.
Capital allocations have fallen sharply from their 2021 highs amid heightened regulatory scrutiny and investor skepticism, making it difficult for many young startups to raise capital, which is also affecting the Bitcoin ecosystem.
The bitcoin track itself has always been an undercapitalized space, Svenson said, but said: “We decided early on that we didn’t issue our own token, we didn’t do an ICO like a lot of projects, so we’ve been relying on more traditional ventures.” invest”.
Blockstream raised $125 million in late January, bringing its total funding to about $400 million, according to PitchBook. As of August 2022, the company’s post-money valuation is $2.49 billion.