SEA Spring 2022
VeradiVerdict - Issue #189
As we are heading into the final fundraising close of our latest venture capital fund, I decided to make trip out to Southeast Asia to visit Singapore and Thailand, two countries that recently opened up to visitors without quarantine.
Some insights from Singapore:
Family offices and sovereign wealth funds have progressed quite a bit in terms of fund and direct investments
Quite a bit of our portfolio companies have a Singapore HQ or presence and it was great to see them
Amber - retail super app, trading execution
Instadapp - defi infrastructure
Vauld - yield and swaps
SynFutures - decentralized derivatives
StaDer - liquid staking and structured products
Kyber - decentralized exchange
Acala - Polkadot DeFi Hub
Rangers Protocol - virtual world blockchain infrastructure
Celer - blockchain interoperability protocol
Crypto companies in Singapore tend to be in the categories of centralized infrastructure for fiat-on ramps or decentralized finance
Potential path to regulatory clarity as the MAS (monetary authority of Singapore) has started to grant crypto licenses to crypto companies, luring entrepreneurs to re-locate to the country and setting up a crypto hub for Asia
Some insights from Thailand:
Fairly large crypto trading community in the country with some crypto funds that are starting to reach significant AUM
The biggest crypto startup news in the country was the acquisition of the largest exchange in the country, Bitkub, by Siam Commercial Bank that values the company as a unicorn. The company is one of 4 exchanges that have a crypto license in the country
GuildFi, the largest gaming guild in the country and a Pantera portfolio company, is primed to support crypto p2e games in the country and region
Some of the other more prominent crypto startups in the country include Alpha Finance and Band Protocol.
Enterprise use cases of blockchain are being explored in the country including digital identity, energy, healthcare, etc.
- Paul Veradittakit
DIGESTS
Why Do Old-Line Businesses Enter Crypto Mining? Simple: Fat Profits
Even though mining margins have shrunk since crypto prices corrected, for now they’re big enough to keep luring entrants from sectors like prepackaged food and anti-aging formulas.
NEWS
Goldman Sachs, Galaxy Digital announce milestone over-the-counter crypto trade
Goldman is the first major U.S. bank to trade crypto over the counter, CNBC was first to report. The bank traded a bitcoin-linked instrument called a non-deliverable option with crypto merchant bank Galaxy Digital, the firms said.
PUBG Publisher Krafton Partners With Solana Labs
The agreement could bring blockchain integrations and NFTs to the popular battle-royale style game.
IN THE TWEETS
REGULATION
Regulatory Uncertainty a Recurring Theme at London’s Token2049
The crypto community needs to do a better job of lobbying and educating politicians, said Galaxy Digital chief Mike Novogratz.
UK, US Regulators Call for ‘High Levels’ of Global Collaboration in Overseeing DeFi
The Fed is sharing its analysis on central bank digital currencies (CBDC) with six other central banks at the BIS, said Chair Jerome Powell.
NEW PRODUCTS AND HOT DEALS
Figure Technologies Reveals Crypto-Backed Mortgage Products
Potential customers can now join the waiting list ahead of the launch next month.
Teams behind Mina Protocol raise $92 million from Three Arrows, FTX and others
The Mina Ecosystem has raised $92 million in a token sale co-led by Three Arrows Capital and FTX Ventures.
LETS MEET UP
Los Angeles, April 20-22
Crypto Bahamas, Bahamas, April 26-29
Miami, May 2
Walks and coffee meetings in San Francisco throughout the year!
ABOUT ME
Hi, I’m Paul Veradittakit, a Partner at Pantera Capital, one of the oldest and largest institutional investors focused on investing in blockchain companies and cryptocurrencies. I’ve been in the industry since 2014, and the firm invests in equity, early stage token projects, and liquid cryptocurrencies on exchanges. I focus on early-stage investments and share my thoughts on what’s going on in the industry in this weekly newsletter.