Jason Choi and Darryl Wang, two former crypto executives at two major investment firms in Asia, announced on Tuesday that they are launching their own fund to support Web3 projects.
Bloomberg media revealed the development while Choi also disclosed the news via Twitter social media where he linked the company’s website.
According to the company’s website, the new investment company, known as Tangent, is dedicating both time and finances to a select few Web3 firms every quarter as angel investors.
As per Bloomberg, Tangent would not accept outside funding or charge management fees. The company will work with 2 to 5 early-stage crypto projects every quarter using an unspecified small pool of proprietary funds.
In the past, Wang was a principal at DeFiance Capital, while Choi was a general partner at Spartan Capital in Singapore.
Wang said in a Bloomberg interview: “Over the last cycle, we’ve kind of confirmed that web3 and crypto are here to stay. In what form it takes or how long it will take to get there is up for debate — but you know, in an extended depressed market, it provides a lot of diamonds in the rough for us to support and, hopefully, to push the space forward for the better.”
Tangent seeks to help Web3 projects navigate an economic downturn across the industry. Wang commented via Twitter: “At a time where actors are withdrawing from crypto, we’re here to stay and build. Be it a 6-month or 6-year bear market, our belief in crypto remains stronger than ever.”
Advisors at Tangent include the likes of Gabby Dixon, cofounder of Yield Guild Games, a play-to-earn game; 0xMaki, cofounder of SushiSwap, a platform to buy and sell crypto assets; Sam Kazemian, founder of Frax Protocol; Tasha Punyaneramitdee, cofounder of Alpha Venture DAO, and others mentioned in the company’s website.
Market Downturn as Good Opportunity
Tangent has become the latest firm to launch its own venture capital fund. The launch comes at a time when crypto prices are extremely down. Bitcoin, the flagship cryptocurrency, has declined its prices by more than 50% since hitting an all-time high of almost $69,000 last November.
Tangent is expecting to capitalize on the current market crash to get founders developing what it considers the next big thing in tech. The firm plans to utilize its finances to invest in firms building web3.
Besides Tangent, many firms are increasingly launching their funds dedicated to investing in Web3 projects. Last month alone, blockchain companies, including Binance crypto exchange, London-based venture firm Felix Capital, and Blockchain developer platform Alchemy, launched their own dedicated funds to support web3 developers and startups. According to Alchemy, the crypto plunge is a good opportunity to support new players entering the space.
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