Crypto Investor Protocol Ventures to Shutter and Return Cash: Report

Feeling the squeeze of the crypto winter, Protocol Ventures is said to be closing down and returning investor cash in the first quarter of 2023, Bloomberg reported.

A so-called fund of funds, Protocol – which invested in Pantera, Multicoin Capital and BlockTower Capital among others – has lost as much as 90% over the past year, according to the report.

Bitcoin has been stuck in the $20,000 area for months versus the year-ago level just above $69,000. Altcoins, meanwhile, are generally faring even worse, with many tokens losing more than 80% of their value over the same period.

Protocol Ventures did not immediately respond to CoinDesk's request for comment.