According to The Block, nearly $900 million in venture capital (VC) funds were allocated to 212 crypto or blockchain startups in the third quarter of 2020. The average deal size for early-stage startups was $7 million while seed/pre-seed deals averaged $2.1 million for the quarter. However, in the midst of nationwide protests over lack of equal opportunities for black people in America (less than 1% of founders who receive venture funding are black despite being 15% of the population), the VC community is still failing black founders. Diversity recruiting platform Hallo published a U.S. diversity report and analyzed 1,383 companies who raised a round of capital between July 1 and the end of Q3 with funding amounts between $500,000 and $20 million. The results found only 32 startups of the 1,383 startups receiving funding had any black founders (male or female), representing a 2.2% inclusion rate. Hallo's founder and CEO Vern Howard said urgent change is necessary to hardness the best talent, "Real diversity means real change. It's up to venture capital firms and the startup community to decide if they are willing to step up and take action or simply stand back and allow black founders to be held back and limited by the ability to access venture capital." Over 75% of venture capital goes to all-white teams, says Kauffman Fellows. Recently, Andreessen Horowitz, who manages $12 billion in assets including a $865 million crypto fund, launched a $15 million Diversity Fund—led By Kevin Durant and Will Smith—but they will crowdfund the investment capital.