7 Thoughts Following “Crypto Asia TV” Episode #2 — Featuring LongHash Ventures (On 9/14/20)
Crypto is scaling in Asia faster than in any other region in the world. More investment, more trading, and some believe, more innovation. Until you’ve been to Crypto Asia, it’s hard to appreciate. Since we can’t visit Crypto Asia today, we’re bringing Crypto Asia to you via Crypto Asia TV. Our first episode featured Sunny He and Jupiter Zheng with Hashkey Capital, one of Asia’s leading Crypto VCs.
Episode #2 featured Wei Shi Khai, C.O.O. of LongHash Ventures, a global blockchain accelerator and investor focused on native Web 3.0 blockchain companies. With a network established across key tech hubs including Singapore, Shanghai, and Hong Kong, LongHash is catalyzing the next generation of blockchain startups. Wei Shi gave an overview of LongHash and then shared his views on the Asian crypto ecosystem. You can view the entire 35 minutes show below:
Or you can view our secen highlights below:
#1 LongHash’s Accelerator, LongHash Hatch, Is A Mix Of The Best of Y Combinator and TechStars
LongHash Hatch is a 12 week program to help startups launch successful Web 3 products. LongHash got inspiration from both YC and TechStars, and landed somewhere in between. LongHash invests it’s own funds, is building a strong mentor and alumni network, and partners with different crypto ecosystems to deliver the program. For example, LongHash invested in Polkadot, brought them to the Hatch program as a technology partner, and then recruited Accelerator participants (e.g. Plasm Network) to building projects that leverage the Polkadot platform.
2. The Hatch Mentors Include A Mix Of Crypto Natives, Investors, Academics, And Institutions
The mentor matching process is organic, including online meetings and quarterly network events.
3. 100% Of The Companies Who Have Completed The Hatch Accelerator Program Have Received Funding
While there are various metrics to measure the success of an accelerator programs, the most important metric to most projects is the percentage of companies that get financing. With 100% of graduates funded by 3rd parties, the Hatch Accelerator is clearly doing something right.
4. Asia Remains A Crypto Hotbed For Multiple Reasons
Asia is largely made up of developing nations where things are moving very fast and the the private sector is booming. In that environment, people are very open to new ideas. So it’s not surprising to see Asian retail investors aggressively investing in crypto assets. And they’re also quick to jump on incentives like those offered in DeFi.
The interest of Asian consumers in crypto is complemented by the governments in Asia, which are broadly more supportive of the crypto ecosystem then elsewhere. For instance, in Singapore, the central bank is working closely with industry players in the roll out of Ubin, their CBDC. The Singapore sovereign wealth fund, Temasek, has joined the Libra consortium and is venture building three crypto projects themselves. Thailand and China are both aggressively pursuing CBDCs. Meanwhile, in the United States, securities laws and tax implications of crypto investing are still in flux, creating an environment of uncertainty. As a result, companies are leaving the U.S. and moving to Asia to build their projects in a more supportive environment.
5. The LongHash Portfolio Reveals An Interest In Working Across The Crypto Technology Stack
Projects highlighted by Wei Shi that showcase the synergies of the Hatch ecosystem include Lition, a a privacy preserving blockchain working with SAP; #Stacs, a blockchain built for capital markets that is working with Project Ubin; and Plasm, which is building a scalability parachain on Polkadot.
6. For The Next Cohort LongHash Will Be Setting Up A Dedicated Page With A Simple Form To Fill Out
LongHash will announce their newest partner in October, and a new batch to leverage the new partners technology. You can keep up to date via their newsletter, their Twitter account, or email directly min.sg@longhash.com
LongHash is very focused on DeFi and stablecoins, with a focus on projects off of Ethereum like Acala, a decentralized stablecoin that allows users to send and receive USD across any blockchains connected to the Polkadot network.
7. Asia Is Not A Monolith, It’s A Diverse Group Of Nations, Each With Unique Aspects Such That Localization Is Key
Wei Shi stated a common mistake is treating Asia as a monolith, instead of as a series of unique countries. LongHash suggests a localized effort for each country that projects want to enter. Projects should partner with the local enterprises and speak the language of each country they are active in.
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