Point72 Ventures has laid off some members of its cryptocurrency investment team and shifted its investment focus to artificial intelligence

ChainCatcher news, according to Forbes, billionaire Steve Cohen's venture capital arm Point72 Ventures is shifting its investment focus towards artificial intelligence and defense technology startups after laying off five investors who specialized in fintech and cryptocurrency. Sources revealed that this move is part of the company's strategic adjustment aimed at optimizing resource allocation and seizing the biggest market opportunities.

Among those laid off are three fintech experts and two members of the Point72 Ventures digital assets team. Insiders indicated that partners Tripp Shriner and Sugam Sarin may also leave, but there are reports that they might continue to support the existing portfolio companies.

Since its establishment in 2016, Point72 Ventures has invested in over 100 startups across various sectors, including fintech, artificial intelligence, consumer, enterprise, and defense technology. Notably, fintech startups hold a significant position, including MX Technologies and Vestwell, which are on Forbes' list of the top 50 fintech companies. However, with the significant decline in valuations within the fintech sector and a sharp reduction in venture capital, Point72 Ventures is adjusting its investment strategy.