Venture capital investment of $100 million in Web III infrastructure

Venture capital investment of $100 million in Web III infrastructure

Emma Qui She is a co-founder of web3 Accelerator and a VC Fund in Singapore LongHash Projects. She switched to cryptocurrency after starting her banking career, and later moved on to a position at McKinsey, where she met her co-founder. Cui is now on a mission to catalyze web3 growth with a $100 million fund II intent on investing in building better web 3 infrastructure.

With the market in decline, Cui believes now is the perfect time to invest in companies that are building the foundation that will shape the future of Decentralized Finance (DeFi.) Over the next five years, it hopes to multiply projects that offer scaling solutions, cross-platform, and other tools that impact gaming and NFTs, metaverse, and more. She spoke to Cui about her experience working as a woman in VC, what initially sparked her interest in the cryptocurrency world, and why she was so excited about the potential of her new Fund II.

Amy Schwenthal: Tell me about your career journey and how you got to know the world of cryptocurrency.

Emma Coy: It started with buying ETH in early 2016 after I attended a Vitalik meeting in Singapore. I was very fascinated by the concept of smart contracts and how decentralization can open up a world of possibilities.

Schwenthal: Are you referring to Vitalik Buterin, founder of ETH? Are you on a first name basis?

settled: Yes, that’s what I’m referring to. It was early 2016, and Vitalik was only 22 years old at the time. The meeting was held at Singapore Management University SMU. There were only about 50 people in the crowd. I remember being fascinated listening to him speak on stage.

The encounter made an immediate impact on me. I came home and started reading all about ETH. The discovery of cold and conservative storage was a huge pain at the time.

That’s when I decided to look for a job in coding. I started talking to crypto startups to see if I could find what works for me. At the time, there were very few non-technical people working in coding and even fewer women, so I couldn’t find suitable opportunities. At the same time, McKinsey offered me a role as a management consultant, helping financial institutions launch their digital attacker business, which gave me essential knowledge for my next role.

A year later, my former colleague at McKinsey It’s fine And decided to launch LongHash Ventures. We have since evolved to be Asia’s world-wide leader in web 3 acceleration and venture fund.

Schwenthal: You recently announced a $100 million fund II. What types of investments are you looking to make?

settled: Our main thesis for our second fund is a focus on multi-threading infrastructure, particularly around innovative Layer 1s (L1s), scaling solutions such as L2 rollups or cross-threading solutions, and interoperability frameworks such as dotted And the Cosmos ecosystem, as well as key normative layers such as identity, privacy, and data availability. We believe that the current level of infrastructure is unable to support mainstream retail applications, and therefore, there are massive improvements in building and investing in robust infrastructure.

Schwenthal: Have you made any noteworthy investments yet?

settled: We have invested in many innovative projects such as Astar, Acala, Balancer, Lit Protocol, Parcel, Coinshift and Safe.

We have always believed in the multi-chain thesis, which is why we were among the first to invest in it dotted. We worked with them to launch their first ever accelerator. Now we’re also looking into Cosmos, cross-chain solutions like Axlar And other assembly solutions such as zkSync.

We have also recently invested in long storyco-founded Rebecca Liao and recommend it Zaki Manyan, former director of Tendermint Laboratories. Saga wants to enable developers to more easily launch their own blockchain or app chain in the Cosmos ecosystem.

Schwenthal: What obstacles have you encountered as a woman in crypto?

settled: It’s true that there are slight differences in how women and men are treated, and it’s not just in cryptocurrencies. I’ve experienced both conscious and unconscious biases when it comes to getting people to believe my ideas or feel like I’m being heard. As women, we owe it to ourselves to make sure our opinions are heard. We need to punch above our weight.

We had a very difficult time raising funds during the 2018/19 bear market. I was rejected countless times when we tried to create our first chest. We had four people and we were speeding up 20 projects a year. At one point, we only had two months of bank listed. In the end “Summer DeFi“In the middle of 2020, that’s when things are finally starting to look.

Looking back, I think I did a few things right. First, you have strictly communicated. I went to as many events as possible, did my research and created a meaningful network. Second, I didn’t take an answer with no. I’ve been promoting Temasek For four years, they recently agreed to invest in our accelerator.

Schwenthal: Speaking of which, you are one of the rare VCs that also run an accelerator. Tell us more about LongHashX Accelerator and what role you see it playing?

settled: We were one of the first accelerators focused on web3 when we started in late 2017, and now we are the leading web3 accelerator across Asia. We have built an extensive network and technical knowledge to support early-stage Web3 projects in a systematic and scalable manner.

We want LongHashX to assume the role of trusted “co-founder” of early stage projects, not only to support the transition of technical talent from web2 to web3, but to always be at the forefront of web3 knowledge and innovation.

SchwenthalAs an investor, what advice would you give to aspiring web3 founders looking to start their own business?

settledThere is a lot of advice a new founder needs to build a successful business. Solve a problem big enough that you really care about it. Find co-founders or early team members who share the same vision as you. Most importantly, hustle hard.

Schwenthal: There was a huge push to get in early, but then there was a pullback. Can you talk about the drop?

settled: This has been said a lot, but the best building happens during a bear market. Today’s leading DeFi protocols are built during the 2018 and 2019 bear market. There’s less distraction and less noise, which means more room to experiment. It is also the best time for an adventurous investment because the valuations are at more reasonable levels.

Schwenthal: How can we really build accessibility and diversity in web3 in all the ways we failed to do in web2?

settled: I think web3 holds true promise for accessibility and versatility. The entire web3 space is built around an open, unlicensed system, where anyone can access and contribute to it at any time. There is a quote from Thomas Jefferson that says: “Eternal vigilance is the price of freedom.” I think the same goes for web3.

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