At USV, we have been active in the blockchain/crypto sector since 2011. At this time, we have direct investments in nine companies/projects in the crypto space and one exited investment. Companies in the blockchain/crypto sector make up about 15% of our active portfolio and closer to 25% of our recent investments. But the venture capital fund model is not optimized for investing in the blockchain/crypto sector. Blockchain/crypto companies/projects often finance and monetize via tokens which can become liquid quickly and thus we can end up holding highly liquid and volatile positions which is not something we have traditionally done.