Cardano founder criticises VCs over investing in FTX & Luna-like projects

Charles Hoskinson criticised Venture capitalists (VCs) for their investment in bad business model-based projects, instead better ones. 

Cardano is a popular Proof-of-stake (PoS) consensus-based blockchain network, Known for its ability to scale the network to any desired level. Charles Hoskinson is the founder of this crypto project. In the initial phase of the Ethereum project, Hoskinson was one of the key contributors as a co-founder. 

On 23 November, Patrick Tobler, founder of the largest NFT platform built on the Cardano chain NMKR, tweeted on Twitter that a VC denied investing in any project built on the Cardano blockchain.

“We will not be investing into startups related to Cardano,” VC stated.

Cardano founder Hoskinson responded to this tweet and criticised the email of the VC sarcastically and said that such VCs will surely invest hugely in projects like FTX & Luna ( two worst crypto projects which collapsed badly). 

 A Twitter user responded to the response tweet of the Cardano founder and suggested that he should not remain ready to respond on such types of small matters every time because these things may ruin his reputation, instead he should use more and more time doing development work.

In the present time, Cardano (ADA) is standing at 8th rank, in terms of 24 hours global trade volume of its native token ADA. This project is itself a very big innovation because Cardano’s founder never approached any VC investment in this project. Initially, Hoskinson launched Cardano as a commercial blockchain but he tried his best to maintain the distribution of ADA coins more likely to Bitcoin. And also the team behind Cardano always remains engaged in the development of new blockchain tools to make the Cardano Blockchain ecosystem better for the crypto investors. 

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