Instead, the crypto industry has mostly pivoted to pure financial projects centered around stablecoins and tokenization, or offering blockchain-wrapped versions of other financial assets. Even stalwart crypto investors are pivoting. Kyle Samani, the cofounder of the venture outfit Multicoin Capital, stepped away from his company in February and said he would focus on investing in other sectors in tech. And the crypto VC firm Paradigm, founded by Sequoia and Coinbase alumni, is raising as much as $1.5 billion for a new fund whose focus includes crypto but also AI and robotics, the Wall Street Journal recently reported. A spokesperson for Paradigm declined to comment.
CEO cited AI advances in cutting 4,000 workers, but a weak crypto market and declining stock price may also be at play
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