BY Tom Clevland
FEB 04, 2019
Coindesk conducts survey to assess Crypto Winter damage on startups
The ravages of Crypto Winter have been most notable in the investment community, where 80% and sometimes more of crypto valuations have been lost during the long crypto bear market of 2018. The market is still searching for an absolute bottom, while the industry licks its wounds and pushes ahead with development efforts. These efforts have also felt the consequences of the price meltdown and have had to adapt as best they could. Coindesk recently surveyed 66 crypto startups to assess this damage. The comments from 45 responders paint a picture of adjustment and renewed internal focus.
None of the participants cares for current market conditions, but founders are positive about future prospects and are not willing to throw in the towel just yet. Fundraising and hiring may present new challenges, but these issues can be dealt with. Staying the course with their roadmaps is all-important, but expense management in the right areas has and will be required. Lastly, failed efforts and consolidation are to be accepted as part of the process, both healthy and necessary for the industry to mature and prosper.
Funding and Cash Management
Brayton Williams, a co-founder of Boost VC, a firm that has invested in 100 crypto companies, echoed the sentiments of the community with Coindesk: