Venture capital firm Molten Ventures has written down the fair value of its investments in crypto companies Ledger and Revolut

ChainCatcher news, British venture capital firm Molten Ventures has written down the value of its holdings in cryptocurrency wallet provider Ledger and digital bank Revolut Ltd., which provides cryptocurrency trading, indicating a more cautious approach towards tech startups and the crypto industry.

In its annual report released on Thursday, Molten Ventures stated that as of March 2023, the fair value of its investment in Ledger was £71.8 million, down 22% from £91.9 million in 2022. The valuation of its investment in Revolut dropped 40% during the same period, falling to £54.5 million. Overall, the fair value of Molten's total investment portfolio decreased by 16% year-on-year to £1.4 billion.

Reports indicate that over the past year, the crypto industry itself has been affected by a series of high-profile company collapses, price declines, and regulatory backlash, dampening investor expectations for growth. According to PitchBook data from April this year, venture capital investment in crypto companies plummeted to $2.4 billion in the first quarter, the lowest level since 2020, down 80% from the record high of $12.3 billion in the same period last year. (Source link)