Crypto Fund Galois Capital Closes Firm Following the Collapse of FTX

Galois Capital, a San Francisco-based crypto investment firm, has announced that it is closing down. The firm confirmed the news in a tweet on Monday, expressing gratitude for the support received. 

• What: Galois Capital has announced that it’s closing the firm.
• Why: The company’s flagship fund experienced significant losses due to the collapse of the cryptocurrency exchange FTX. 
• What next: The firm has decided to wind down its operations and return any funds that have not been lost to its investors.

The announcement from Galois Capital comes as a surprise to many, as the firm had previously been seen as a rising star in the industry. The firm had invested in high-profile blockchain projects, including Chainlink, Polkadot, and The Graph. It also actively supported various decentralized finance (DeFi) protocols and built a strong industry contacts and advisor network.

In its statement, Galois Capital cited several factors that had contributed to its decision to close. These included the difficulty of building a sustainable investment strategy in the fast-moving and volatile crypto market, increasing regulatory pressures, and uncertainty surrounding the industry’s future. The company also said it needed more investment capital to keep running because it lost half its capital when FTX went down.

The closure of Galois Capital is likely to have a ripple effect across the broader crypto industry. As one of the leading investors in the space, the firm’s decision to shut down will leave many projects without a critical source of funding and support. It may also lead to a more cautious approach to investing in the crypto sector as other firms take note of the challenges that Galois Capital faced.

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