#GateWeb3正式升级为GateDEX Supported by a16z, the decentralized custody startup Entropy announces its closure and will return remaining funds to investors. The company's founder and CEO, Tux Pacific, stated that after four years of operation, multiple business pivots, and two rounds of layoffs, the company was unable to find a business model that meets venture capital scale.
Entropy completed a $25 million seed round in June 2022 led by a16z crypto, with total funding of approximately $27 million. The company initially positioned itself as a decentralized alternative to centralized custodians like Fireblocks and Coinbase, later shifting to develop an automated crypto platform. The founder said that after initial market feedback indicated its business model was not suitable for venture capital scale, they decided to cease operations.
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#GateWeb3正式升级为GateDEX Supported by a16z, the decentralized custody startup Entropy announces its closure and will return remaining funds to investors. The company's founder and CEO, Tux Pacific, stated that after four years of operation, multiple business pivots, and two rounds of layoffs, the company was unable to find a business model that meets venture capital scale.
Entropy completed a $25 million seed round in June 2022 led by a16z crypto, with total funding of approximately $27 million. The company initially positioned itself as a decentralized alternative to centralized custodians like Fireblocks and Coinbase, later shifting to develop an automated crypto platform. The founder said that after initial market feedback indicated its business model was not suitable for venture capital scale, they decided to cease operations.