Initial coin offerings turn the venture capital relationship upside down

New York

US venture capital firms lining up for a slice of the burgeoning digital currency market are grappling with a novel challenge - some of the hottest technology startups that sell the coins just do not need their money.

Only a few years ago, digital currency entrepreneurs, like other Silicon Valley peers, had to line up to pitch their ideas to venture capitalists (VCs), who controlled their destiny as virtually the only source of funding.