Venture funding for new crypto projects is dead: Kevin O’Leary of CoinEdition
© Reuters. Venture funding for new crypto projects is dead: Kevin O’Leary- Kevin O’Leary claims that new crypto projects will not get venture funding.
- The Canadian businessman claimed that the venture community has moved to AI.
- Earlier, O’Leary said that (BNB) has zero intrinsic value.
The well-known Canadian businessman, Kevin O’Leary, claimed that venture funding for new crypto projects is practically dead, and that existing projects will later be sold at huge discounts.
O’Leary expressed this sentiment on Twitter today, claiming that regulators are now enforcing penalties and huge fines on crypto businesses. “The waiting community has moved on to the next big thing – AI,” O’Leary believes.
Venture funding for new #crypto projects is almost dead, and aftermarket trading for existing projects is at huge discounts. Reason? The #regulator now regulates with enforcement, penalties and massive fines. The venture community has moved on to the next “big” thing, #AI pic.twitter.com/ChpjYIY9Dl
— Kevin O’Leary aka Mr. Wonderful (@kevinolearytv) February 20, 2023
Furthermore, O’Leary added an excerpt from a Zoom meeting where he was asked to comment on the current situation of the bankrupt FTX exchange. O’Leary, former spokesperson for FTX, expressed that the US senators are tired of gathering every six months after a crypto project blows up. Additionally, he stated:
Just last week, Genesis filed for bankruptcy; every week another one goes to zero because they are unregulated and they keep issuing useless tokens.
The businessman further suggested that the value of regulated exchanges will increase over the next few years, while unregulated crypto firms will fall to zero.
Interestingly, in a widely shared video on Twitter, O’Leary was seen arguing that the intrinsic value of the Binance utility BNB was nothing. On the contrary, information on CoinMarketCap suggests that the BNB token powers various functions for crypto enthusiasts and developers.
Moreover, the BNB chain has processed over 3 billion transactions from 163 million unique addresses since its launch in 2020. The BNB Smart Chain (BSC) ecosystem has over 1,300 active dApps across multiple categories, such as DeFi, metaverse, blockchain games, NFT- is, and more.
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