venturecapital

How does VC change for crypto VCs?

Does getting early liquidity change the model? How?

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Different on many levels
Early liquidity 
  - Investments can eventually fail, but still return multiples in IRR 
  - Fund lifecycle can be 2-3 years
Different LPA structure, can you:
  - invest in liquid tokens?
  - Put called $$ in ETH / BTC? 
Risk management
  - DAOs, voting, staking, compliance, insurance etc etc