Coinbase Ventures Invests More in Startups Outside the US, Especially in India, Singapore, Australia, and the UK
Coinbase Ventures has shifted focus to crypto startups outside the United States amid growing regulatory scrutiny in the country.
Hoolie Tejwani, the director of corporate development and ventures at Coinbase, told Bloomberg in a recent interview that the company is now backing startups based in India, Singapore, Australia, and the UK.
“We are seeing some companies and founders who have great ideas, and they’re saying, ‘OK, I need to extract the US from my business plan and not serve US customers,’ which is a shame,” he said.
Tejwani emphasized that Coinbase Ventures is actively deploying capital and has made over 50 investments in 15 countries in the past year.
Coinbase has been a prominent investor in the cryptocurrency industry, holding the record for the highest number of deals with industry startups, according to data from PitchBook.
However, in recent months, Coinbase’s investing activity has experienced a decline.
This decline is part of a broader trend of reduced investment in crypto companies, especially among corporate venture capital arms.
While overall crypto venture funding dropped by 63% to $2 billion in the third quarter compared to the same period last year, corporate VC businesses made even more significant cutbacks, as noted by PitchBook crypto analyst Robert Le.
The decrease in investment, coupled with a shift towards making smaller bets, reflects a more cautious approach from corporate investors who aim to conserve cash and focus on their core businesses.
Regulatory scrutiny of the crypto industry has also played a role in shaping Coinbase Ventures’ investment strategy.
Other major players in the crypto industry, like Kraken Ventures and Binance Labs, have also reassessed their
