FTX Investor Sequoia loses partners among the turmoil. The ongoing tensions between the United States and China have claimed another casualty in the tech world. Sequoia Capital, one of the world’s leading venture capital firms, has lost two of its partners amid rising tensions between the US and China.
The partners in question were reportedly involved in Sequoia’s investment in FTX, a cryptocurrency derivatives exchange.
The move comes as the US government continues to scrutinize Chinese investments in US-based companies, and as tensions between the two countries continue to escalate.
Moreover, the recent tensions between the US and China have been affecting various industries and sectors, including the tech and finance industries.
Sequoia Capital is a well-known venture capital firm that has invested in many successful startups, including Google, Apple, and Airbnb.
FTX is a cryptocurrency derivatives exchange that has been gaining popularity in recent years. The departure of two Sequoia partners involved in the FTX investment could have implications for both companies and the broader cryptocurrency industry.
It remains to be seen how this development will affect the relationship between the US and China, as well as the future of cryptocurrency investment.
Sequoia break ties with India and China
Sequoia Capital, a venture capital firm, has lost five partners after the company’s FTX investment damaged its reputation and it was caught in the crossfire of US-China geopolitical tensions.
Michelle Fradin and Daniel Chen, whose investments include FTX, are among the crypto VCs quitting.
Due to the escalating geopolitical tensions between China and India and the US, Sequoia recently severed connections with its business there.
China and a number of other nations are attempting to end the dominance of the dollar in international trade. Sequoia India and the Southeast Asian company created a third firm, which took the name Hongshan from the Chinese unit.
Sequoia China will keep its current name in Chinese and change to HongShan in English for its company. Sequoia India and Southeast Asia, which oversees $9.2 billion across 13 funds, will change its name to Peak XV Partners in honor of Mount Everest’s original designation. The venture capital industry in the US and Europe will still be referred to as Sequoia Capital.
Commenting on HongShan’s SE Asia entry, Peak XV said it believes that “the opportunities for collaboration are far greater than the scope for competition” between the two firms. Source: economic times.