Early VC backer of Avalanche, Polkadot, Algorand aims to capture the migration of talents and users from Web2 to Web3
SINGAPORE, Sept. 27, 2022 /PRNewswire/ — Youbi Capital, a leading digital asset VC fund, is betting on Singapore to drive mainstream adoption of Web3.
That pursuit of the next wave of crypto winners is leading the firm to set its sights on Singapore as the locus of crypto innovation.
CEO and Founder Chen Li acknowledged Singapore’s strategic value as Asia’s leading crypto hub. Investment in Singapore’s crypto and blockchain companies surged to a record $1.48bn last year – nearly half of Asia-Pacific’s total for 2021. Chen described Singapore as a melting pot of tech talent from the “old and new” worlds.
“Singapore is a crossroads for Web2 founders to learn of Web3 tech stack – and for Web3 founders to convert Web2 users,” Chen said.
“Web2’s increasing restrictions and minimal growth are producing a wave of migrating talent. As these founders move toward Web3, we look forward to funding projects that bring users to the next generation. Singapore is the perfect place for inspiration.”
Youbi Capital has invested in world-class solutions designed to create a sustainable and inclusive Web3 infrastructure since 2017. Founded by senior investment professionals on Wall Street, owners of top bitcoin mining pools and veteran crypto investors, Youbi Capital will leverage its background in the East and connections in the West to bridge the two worlds in Singapore.
The fund has backed more than 100 blockchain projects, including early backing of primary Layer 1 protocols. Youbi is also a proud early supporter of leading Asian infrastructure and application projects like MetaOne, Meson Network, Unipass, Mask Network, Double, NFTGo, and Gritti.
Youbi Capital is already playing an active role in Singapore’s blockchain ecosystem, including supporting events at Asia Crypto Week. The week of various independent side events around Asia’s leading crypto event, TOKEN2049, takes place from 26 September to 2 October. Chen is set to represent Youbi Capital as a keynote speaker around the topic of Define the Web3 UX. “Ultimately, web3 is an infrastructure revolution that greatly reduces the cost for people to collaborate,” Chen said. “Better yet, an evolving tech stack means that founders can bring web2 users into web3 integrations (like non-custodian wallets) without any impact on functionality. This could hold the key to bringing many more millions of people into web3.”
“Singapore is fertile ground to fund new ventures that onboard the mainstream, provide open ecosystems and usher in the age of decentralization – simultaneously.”
For more, visit https://youbicapital.com/
About Youbi Capital
Youbi Capital is a leading digital asset VC and accelerator focused on investing in projects that abstract the functionalities of infrastructure applications. The fund creates long-term value by investing in next-gen technologies and truly disruptive decentralized business applications.
SOURCE Youbi Capital