<p><span class="TextRun SCXW150410734 BCX0" lang="EN-GB" xml:lang="EN-GB" data-contrast="auto"><span class="NormalTextRun SCXW150410734 BCX0">Great crypto and web3 startups will be fine in this bear market, considering there’s so much dry powder, right? </span></span><span class="EOP SCXW150410734 BCX0" data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p> <p><span class="TextRun SCXW114746972 BCX0" lang="EN-GB" xml:lang="EN-GB" data-contrast="auto"><span class="NormalTextRun SCXW114746972 BCX0">One-liners about “dry powder” positioned </span><span class="NormalTextRun SCXW114746972 BCX0">alongside </span><span class="NormalTextRun SCXW114746972 BCX0">emojis of rocket ships and dollar signs might </span><span class="NormalTextRun SCXW114746972 BCX0">make for fun</span><span class="NormalTextRun SCXW114746972 BCX0"> tweets — but veteran venture capitalists are warning crypto founders not to fall for "the dry powder fallacy."</span></span></p> <p><span class="TextRun SCXW91082872 BCX0" lang="EN-GB" xml:lang="EN-GB" data-contrast="auto"><span class="NormalTextRun SCXW91082872 BCX0">Dry powder is a slang term used to refer to cash </span><span class="NormalTextRun SCXW91082872 BCX0">at </span><span class="NormalTextRun SCXW91082872 BCX0">hand. In venture capital, it refers to the </span><span class="NormalTextRun SCXW91082872 BCX0">collective amount</span> <span class="NormalTextRun SCXW91082872 BCX0">of capital that </span><span class="NormalTextRun SCXW91082872 BCX0">venture firms </span><span class="NormalTextRun SCXW91082872 BCX0">can </span><span class="NormalTextRun SCXW91082872 BCX0">deploy over a particular schedule. </span></span><span class="EOP SCXW91082872 BCX0" data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p> <p><span class="TextRun SCXW146456692 BCX0" lang="EN-US" xml:lang="EN-US" data-contrast="none"><span class="NormalTextRun CommentStart SCXW146456692 BCX0">Last year, investors </span></span><a class="Hyperlink SCXW146456692 BCX0" href="https://www.theblock.pro/research/mapping-out-most-prominent-crypto-investors-202288" target="_blank" rel="noreferrer noopener"><span class="TextRun Underlined SCXW146456692 BCX0" lang="EN-US" xml:lang="EN-US" data-contrast="none"><span class="NormalTextRun SCXW146456692 BCX0" data-ccp-charstyle="Hyperlink">raised</span></span></a><span class="TextRun SCXW146456692 BCX0" lang="EN-US" xml:lang="EN-US" data-contrast="none"><span class="NormalTextRun SCXW146456692 BCX0"> $99.3 billion for crypto funds, according to data from The Block Research. In aggregate, investors have raised $162.2 billion into crypto funds. Some of the industry's most significant funds have launched within the last two years, including Haun Ventures' </span></span><a class="Hyperlink SCXW146456692 BCX0" href="https://www.theblock.co/linked/138836/katie-haun-crypto-vc-fundraise" target="_blank" rel="noreferrer noopener"><span class="TextRun Underlined SCXW146456692 BCX0" lang="EN-US" xml:lang="EN-US" data-contrast="none"><span class="NormalTextRun SCXW146456692 BCX0" data-ccp-charstyle="Hyperlink">$1.5 billion raise</span></span></a> — <span class="TextRun SCXW146456692 BCX0" lang="EN-US" xml:lang="EN-US" data-contrast="none"><span class="NormalTextRun SCXW146456692 BCX0">split across two funds — and </span></span><span class="TextRun SCXW146456692 BCX0" lang="EN-US" xml:lang="EN-US" data-contrast="none"><span class="NormalTextRun SCXW146456692 BCX0">a16z's </span></span><a class="Hyperlink SCXW146456692 BCX0" href="https://www.theblock.co/post/148685/a16z-announces-4-5-billion-fund-for-crypto-and-blockchain-startups" target="_blank" rel="noreferrer noopener"><span class="TextRun Underlined SCXW146456692 BCX0" lang="EN-US" xml:lang="EN-US" data-contrast="none"><span class="NormalTextRun SCXW146456692 BCX0" data-ccp-charstyle="Hyperlink">$4.5 billion crypto fund</span></span></a><span class="TextRun SCXW146456692 BCX0" lang="EN-US" xml:lang="EN-US" data-contrast="none"><span class="NormalTextRun SCXW146456692 BCX0">.</span></span><span class="EOP SCXW146456692 BCX0" data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p> <p><span class="TextRun SCXW142640879 BCX0" lang="EN-GB" xml:lang="EN-GB" data-contrast="auto"><span class="NormalTextRun SCXW142640879 BCX0">The Block Research </span></span><a class="Hyperlink SCXW142640879 BCX0" href="https://www.theblock.pro/research/mapping-out-most-prominent-crypto-investors-202288" target="_blank" rel="noreferrer noopener"><span class="TextRun Underlined SCXW142640879 BCX0" lang="EN-GB" xml:lang="EN-GB" data-contrast="none"><span class="NormalTextRun SCXW142640879 BCX0" data-ccp-charstyle="Hyperlink">estimates</span></span></a><span class="TextRun SCXW142640879 BCX0" lang="EN-GB" xml:lang="EN-GB" data-contrast="auto"><span class="NormalTextRun SCXW142640879 BCX0"> that $32 billion was allocated to crypto projects in 2022</span><span class="NormalTextRun SCXW142640879 BCX0">.</span> <span class="NormalTextRun SCXW142640879 BCX0">The bottom line? There would appear to be </span><span class="NormalTextRun SCXW142640879 BCX0">billions of dollars </span><span class="NormalTextRun SCXW142640879 BCX0">held by </span><span class="NormalTextRun SCXW142640879 BCX0">crypto funds</span><span class="NormalTextRun SCXW142640879 BCX0"> </span><span class="NormalTextRun SCXW142640879 BCX0">yet </span><span class="NormalTextRun SCXW142640879 BCX0">to be deployed. </span></span><span class="EOP TrackedChange SCXW142640879 BCX0" data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p> <p><span data-contrast="auto">Dry powder is a murky measure, however, as not every venture deal gets publicly announced. Nevertheless, Edvinas Rupkus, an analyst at The Block Research, said tens of billions remaining in dry powder is a safe estimate. </span><span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p> <p><span data-contrast="auto">Still, veteran venture investors warn that founders should view those billions of dollars as only a directional measure of investor appetite for the industry rather than an absolute. </span><span data-contrast="auto">“The current dry powder estimate is a great starting point to understand upstream funding or crypto startups but must be adjusted,” said Paul Hsu, founder and CEO of venture firm Decasonic.</span><span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p> <h2>An abundance of dry powder</h2> <p><span data-contrast="auto">Figures from investment firms across the crypto industry support the idea that dry powder is abundant. Top-tier venture firm Sequoia has only deployed 10% from its </span><a href="https://www.theblock.co/post/134578/sequoia-capital-new-crypto-fund-tokens"><span data-contrast="none">$600 million crypto fund,</span></a><span data-contrast="auto"> which launched in early 2022, a Sequoia spokesperson said. A16z partner Chris Dixon </span><a href="https://www.theblock.co/post/196252/a16z-crypto-funds-still-have-billions-to-deploy-says-co-founder-chris-dixon"><span data-contrast="none">told</span></a><span data-contrast="auto"> The Block in December that the firm had deployed less than 50% of its $4.5 billion crypto fund.</span><span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p> <p><span data-contrast="auto">“We are still, certainly, majority dry powder, and we continue to be thinking in terms of years, not months,” said Haun Ventures’ Sam Rosenblum about the $1.5 billion in capital raised at the start of 2022. </span><span data-contrast="auto">“I think the key thing in terms of the two funds is we thus far are deploying them, not in lockstep, but very similar pacing across the two,” he added. </span><span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p> <p><span data-contrast="auto">Likewise, crypto native asset management firm BlockTower has <a href="https://www.theblock.co/post/176654/blocktower-launches-150-million-fund-backed-by-bpi-france-and-mass-mutual">overseen</a></span><span data-contrast="auto"> a $150 million fund for just over a year. It's deployed less than 20% thus far, said Thomas Klocanas, general partner and head of venture at BlockTower.</span><span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p> <div id="attachment_217272"class="wp-caption alignleft" style="max-width: 893px;"><img class="has-caption wp-image-217272" src="https://www.tbstat.com/wp/uploads/2023/03/Screenshot-2023-03-02-at-11.31.04.png" alt="Amount raised for crypto funds from The Block Research" width="883" height="379" /><p class="wp-caption-text"><span style="font-size: 8pt;">Amount raised for crypto funds from The Block Research</span></p></div> <p>&nbsp;</p> <p><span data-contrast="auto">This isn’t just a trend for top-tier venture firms. A well-known corporate venture fund told The Block it had deployed less than 50% of its multi-million-dollar fund, launched at the tail-end of 2021, and is looking to raise a second fund. While Dao5, a venture firm that aims to convert to an investment DAO eventually, has only deployed between 20% to 25% of its $125 million fund, launched in the spring of 2022. It plans to be fully deployed within three years. </span><span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p> <p><span data-contrast="auto">“We currently sit on 28% deployed, or 72% ‘dry powder,’ or $35 million of our $48 million seed venture and digital assets fund,” said Decasonic’s Hsu. “Our deployment schedule has 24 to 36 months remaining (January 2025 to January 2026) for our 10-year fund.”</span><span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p> <p><span data-contrast="none">So, is this abundance of dry powder a cause for celebration?</span></p> <p><span data-contrast="none">Not so fast.</span><span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p> <h2>Too hot, too cold or just right</h2> <p><span data-contrast="none">Dry powder can be misleading, said Michal Benedykcinski, senior vice president of research at Arca. Capital gets called in tranches, so it’s not ready to deploy from day one, he added.</span><span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p> <p><span data-contrast="none">In some cases, VCs, particularly those that run liquid token funds, might even opt to return their dry powder to LPs and exit, which reduces the overall reserves, Decasonic’s Hsu said.</span><span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p> <p><span data-contrast="none">“The problem is it’s not a static measure,” said Tom Loverro, a general partner at venture firm IVP. “People will say, ‘Hey, it’s not gonna get that bad because there’s all this dry powder,’ and cite some number in the billions of dollars. Here’s the problem: that dry powder assumes a certain pacing and that it can be replenished.”</span><span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p> <p><span data-contrast="none">Just like with goldilocks and the three bears, deployment pacing can either be too hot, too cold or just right.</span><span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p> <p><span class="TextRun SCXW115424431 BCX0" lang="EN-US" xml:lang="EN-US" data-contrast="none"><span class="NormalTextRun SCXW115424431 BCX0">“If the dry powder isn’t being deployed, it could be a warning sign that a VC isn’t optimistic about valuations or industry prospects,” </span><span class="NormalTextRun SCXW115424431 BCX0">said Joe Marenda, Cambridge Associates’ global head of digital assets investing</span><span class="NormalTextRun SCXW115424431 BCX0">. “On the other hand, if the dry powder is shrinking quickly, it indicates that valuations and industry prospects are attractive.” </span></span><span class="EOP SCXW115424431 BCX0" data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p> <p><span data-contrast="none">Suppose a venture capital firm promised limited partners a slower deployment schedule and tore through its capital in the bull market. In that case, it could now be in a pinch to raise again in the era of high-interest rates and regulatory scrutiny.</span><span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p> <p><span data-contrast="none">“When the fund goes back to raise their next fund, the LPs may say, ‘Hey, crypto was cool when it was going up, but we don’t want any more crypto exposure,’” Loverro said. “Family offices, in particular, who, I think, have been funding many crypto early-stage funds, tend to recoil the fastest for asset classes when they go down.”</span><span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p> <p><span data-contrast="none">The more-considerable funds may raise smaller subsequent funds, Loverro said. Polychain, which previously closed its third fund at $750 million in early 2022, is reportedly </span><a href="http://www.theblock.pro/news/post/215985/polychain-capital-400-million-raise-fourth-fund"><span data-contrast="none">raising</span></a><span data-contrast="none"> a $400 million fund.</span><span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p> <p><span data-contrast="none">“Katie Haun, I'm sure, will be fine — she'll raise another fund, but she's certainly not going to deploy the capital quickly,” Loverro said. “The dry powder shrinks when people deploy it slower, and then it isn't replenished. It melts or sublimates away, and then the next funds are smaller.”</span><span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p> <h2>Crypto's dry powder fallacy</h2> <p><span data-contrast="none">These issues don’t even consider the intricacies of the crypto venture market, which includes new paradigms — such as token investing and the rapid evolution of paper millionaires into angel investors.</span><span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p> <p><span data-contrast="none">“There's what we call the dry powder fallacy,” said Samantha Lewis, a partner at venture firm Mercury.</span><span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span><span data-contrast="none">Some limited partners will have used their paper wealth in the bull market to commit to funds. Now with bellwether tokens struggling </span><span data-contrast="none">—</span><span data-contrast="none"> such as </span><a href="https://www.coingecko.com/en/coins/ethereum"><span data-contrast="none">ether down 67%</span></a><span data-contrast="none"> from its Nov. 2021 peak </span><span data-contrast="none">—</span><span data-contrast="none"> many of these players don’t have the same cash to commit, Lewis said.</span><span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p> <p><span data-contrast="none">“In the recent bull market, some investors had eyes too big for their stomachs and overcommitted. Then, with the correction in equity and fixed-income markets, suddenly those commitments are outsized, leading to LP indigestion,” Marenda said.</span><span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span><span data-contrast="none">“In other instances, investors, who made a lot of money in crypto, may not have taken enough off the table, and the significant correction in crypto prices has dented their ability to meet capital calls,” he added.</span><span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p> <p><span data-contrast="none">Though not all doom and gloom, Marenda expects this will create a vibrant secondary market for limited partner stakes. Meanwhile, Benedykcinski thinks the impact of default in capital calls might be overblown. High net-worth individuals and family offices are the most likely group to curtail their allocations, with smaller first-time managers the most likely to be exposed, he added.</span><span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p> <p><span data-contrast="none">There is also a wider net of investors in crypto — such as investment DAOs, trading firms and launchpads — that could top up the current estimates of dry powder, Hsu said. VCs that recycle token holdings could also boost the dry powder stock, he added.</span><span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p> <p><span data-contrast="none">But if that same fresh capital is used to defend positions in companies struggling in the bear market, then it could dwindle just as quickly, Loverro said.</span><span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p> <p><span data-contrast="none"> </span><span data-contrast="none">“I think there's just a lot of people who don't want to accept reality, and so they're looking for some reason things will be okay and go back to how they were,” Loverro said.</span><span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p> <p><span data-contrast="none">“There was a lot of dry powder after the Dot Com bubble,” he added. “There was a ton. All these VC firms had raised a lot of money and it was still terrible. All these VC firms went out of business because they never raised another fund.”</span><span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p><br /><span class="copyright"><p>© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.</p> </span>