Crypto corporate venture capital arms are upending norms. CVCs typically try to make money in a way that benefits the parent company’s strategy. Crypto startups are borrowing from the ‘coopetition’ approach that gave the garage entrepreneurs of early Silicon Valley an advantage over tech conglomerates. They’re just taking it up a notch, playing the role of both founder and funder. Since the beginning of 2021, about half of all crypto VC deals included participation by a fellow crypto company, amounting to more than 1,300 deals, according to PitchBook data. The ride together, die together approach fits the sector’s collectivist culture, says Yat Siu, co-founder and chairman of Animoca Brands, a blockchain game company. . . .
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