Referring to Terra’s financial backers in recent Twitter statements, Charles Hoskinson reiterates the lack of support for Cardano (ADA) and denounces venture capital.
Cardano founder denounces Terra’s supporters, including Binance, Coinbase, and Huobi
Hoskinson has debunked the partial VC link in the crypto market, claiming that some companies are taking advantage of venture capital funds more than others. criticized again. Despite the recent drop in ADA price, Charles Hoskinson took to Twitter today to provide a partial list of venture capitals (VCs) that have sponsored Terra (LUNA). Lists of Terra supporters were envisioned by Cardano CEO for a hype about “VC’s connection in the cryptocurrency space,” which is causing separation between projects.
Terra project investors include Binance, Coinbase Ventures, Galaxy Digital, Huobi Capital, Polychain, Pantera Capital, Huobi Capital and Hashed. Even these investors couldn’t stop Terra dropping from almost $80 to $0.000058 in a matter of days.
Individual fans such as Mike Novogratz and Michael Arrington are also on the list
Charles Hoskinson provided an image with the names of the VCs supporting the Terra project, saying:
Just to illustrate how VC links work in this space, below is a short list of Luna’s supporters.
Just as an example of the VC relationships in this space. Here's a partial list of all the Luna backers. Much larger lists for other coins pic.twitter.com/zaXEHYkGGC
— Charles Hoskinson (@IOHK_Charles) May 13, 2022
Charles Hoskinson, VCs Cardano (ADA)
The news comes just days after Hoskinson complained about a lack of enthusiasm from VCs and crypto media for the Cardano project. Hoskinson explained this on Twitter, quoting Novogratz’s previous post, where he showed off with a LUNA tattoo on his arm:
I’m constantly confused as to why VCs and crypto media love some altcoins and despise Cardano.
Cardano still doing well with community support
Although Cardano is not supported by venture capitalists, the project is performing well when measured over time, according to Hoskinson. In his latest YouTube video, Hoskinson praised the Cardano community for staying behind the project despite the lack of funding from venture capitalists. He thinks Cardano’s $700M decentralized reserve, managed by the community and backed by catalysts, is sufficient for ADA:
I’ve heard that Cardano is not a venture investor (VCs). What exactly is capitalism? The $700 million is yours, the community, the control, and as each voting round happens, we’re seeing more engagement and voting on most of the outstanding initiatives.
