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cc by-nc-nd (c) Llobet Rios, 2025
Si us plau utilitzeu sempre aquest identificador per citar o enllaçar aquest document: https://hdl.handle.net/2445/223535

The Role of Venture Capital in Crypto: How Venture Firms Make Investment Decisions in Blockchain Startups

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Venture capital (VC) plays an outsized role in the development of the cryptocurrency and blockchain industry, where alternative financing remains limited. Investors must therefore assess startups thoroughly and apply strong frameworks to identify the best opportunities. Leading firms use both classic VC metrics and crypto-specific traits. Token-based funding differs from traditional equity and gives rise to new exit strategies. Fund structure, including closed-end and tokenized models, affects returns, as some can generate yield through staking and active token management. New funding models such as DAOs are rising as both capital sources and competitors to VCs. VCs use tailored strategies to manage major challenges such as legal uncertainty and market volatility. Case studies of successful and failed startups show clear patterns in team quality, token design, and timing. Findings reveal that while alternative capital models have expanded, venture capital remains the dominant force in funding early-stage crypto innovation and has now evolved into a set of mature, multi-billion-dollar firms operating on an institutional scale.

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Treballs Finals del Grau d'Empresa Internacional, Facultat d'Economia i Empresa, Universitat de Barcelona, Curs: 2024-2025 , Tutor: Emili Batllé Molina

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LLOBET RIOS, Marçal. The Role of Venture Capital in Crypto: How Venture Firms Make Investment Decisions in Blockchain Startups. [consulta: 23 de gener de 2026]. [Disponible a: https://hdl.handle.net/2445/223535]

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