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The Crypto Fellowship by Frst & Fabric: 10 x 100k to create 10 crypto entrepreneurs “from scratch”

12 years after Bitcoin’s creation, the time for crypto has finally come. The permeability between the old and the new world is increasing (from NFTs at Christies to Coinbase’s listing on Nasdaq to Blockfi), and hundreds of opportunities are emerging. There is a whole universe to be built and too few entrepreneurs are interested in it, caught between the feeling of being too late and the old idea that crypto is used to sell drugs.

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Those who do it, do not regret it, so much so that it compounds the problem: Almost all crypto developers and entrepreneurs are already rich, and therefore sometimes less driven by ambition.

However, manipulating existing crypto protocols is not difficult, and it already allows a lot to be done. In Defi, a well-formed brain can quickly transform a small capital into a very large one or create the new Blockfi. For instance, in NFT, a designer associated with a developer who would start from scratch but with the right level of focus and ambition would have significant chances to create the new Cryptopunk in a few months, in the footsteps of Dapper Labs. While in DAO protocols, such as Aragon, abstract most of the technical issues.

This is what we will try to provoke, by funding 1 year of salary (€50k x 1.42 of charges = € 71k) and living expenses (€ 29k) to 10 people to allow them to learn about crypto and to undertake a project with a free spirit.

About us

The Crypto Fellowship is the joint venture of two Venture Capital funds: Frst, specialist in seed investments in the French ecosystem, and Fabric Ventures, specialist in crypto / decentralized models

The deal

In practice, this means the following investment in a company created for the occasion, which at the beginning will have a broad objective (“identify a crypto opportunity and seize it”):

· From day 1, 100k for 7%

· An option to reach 20% by adding €700k

We are also open with teams of 2 or 3 people, and will offer in this case €200k or €300k for the same 7%. In this case, the option will enable us to reach 20% by adding respectively € 600k and € 500k.

“Live in the future, then build what’s missing” — Paul Graham

We expect Fellows to spend the first few weeks immersing themselves in the subject without thinking particularly of a “startup idea” (playing with Defi protocols like Curve or Aave, learning Solidity for developers, using NFT marketplaces and try to sell one for a small amount…), and would be surprised if these following actions didn’t give them ideas soon after.

The Program

The program will consist in:

  • Regular zoom (weekly the first months) to provide areas of research and discuss
  • Discord Group to allow fellows to get to know and help each other
  • Office hours with Frst and Fabric Partners
  • Meetings with personalities from the crypto world

Expected profiles

  • 1, 2 or 3 people per team
  • Available to be full time and full focus quickly
  • Technique (42, X, self-taught …) or technical sensitivity + strong motivation to develop it
  • No crypto knowledge required
  • The company created must be in France to simplify administrative management for us (just as Y Combinator asks its portfolio companies to register in Delaware)

Application process & Timeline

Meet us on:

Deadline for applications June 15th, 2021, interviews will start before. Signing of documents during the summer and kick-off of the program on September 1st, 2021.



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