By George Ward
The crypto market experienced a sharp drop in value following the shutdown of the second-largest digital currency exchange, FTX. Subsequent collapses of several major Web3 companies caused fear to ripple through the market, prompting venture capitalists and individual investors to remove their funds.
In 2023, the crypto market experienced a resurgence. This resurgence of renewed enthusiasm amongst venture capitalists for investing in Web3 companies and advancing the mass adoption of Web3 technologies has given crypto investors hope.
Former Binance Executive Sets Sights High
One of the latest firms to enter the space is Cypher Capital, a Dubai-based venture capital firm led by Bill Qian, a former Global Head of Fundraising for Binance Labs. Qian, a crypto fanatic since 2015, plans to invest $100 million into Web3 companies.
This investment will spread over the next few years to accelerate the adoption of Web3 technologies worldwide. Web3 technologies, such as blockchain, smart contracts, and decentralized applications, can change how humans interact with the internet.
But for these technologies to reach their full potential, they must gain mass adoption. This need is where Qian and Cypher Capital get involved.
Qian aims to use his experience in the cryptocurrency industry to invest in Web3 projects that can make a real impact. He believes that the future of the internet lies in Web3 technologies, and he wants to be at the forefront of ushering in the new era.
Reports state that Qian is interested in investing more than $100 million into Web3 startups. He wants to prioritize those he sees as having the potential to drive the mass adoption of Web3.
Maximizing Possibilities In Web3 Technology
According to Qian, people view Web3 as a means of investment or gambling. He aims to invest in companies that can attract the most web users to the technology.
Qian believes that, at present, Web3 is mainly about investing or gambling for the general public. Therefore, he aims to allocate resources to firms that can draw the most internet users to Web3.
He implied he would seek financial support from influential tech billionaires in Asia. In the meantime, China has adopted a Quantitative Easing strategy as the Central Bank has injected $92 billion into the market. Industry analysts and the public think Chinese funds will power the next market surge.
Before joining Cypher Capital in September 2022, Qian was the Global Head of Fundraising for Binance Labs. As stated on its official website, Cypher Capital has made investments ranging from $250K to $1M in various progressive businesses outside the Web3 space.
The company has headquarters in Dubai, a city putting forth efforts to govern cryptocurrencies and become a leading crypto center. Qian will also use some of his Chinese contacts to help fund promising Web3 projects.
Some of the investments will support the Web3 industry in China and help Chinese startups expand their reach globally. Web3 technologies can potentially revolutionize humans’ interaction with the internet.
With the support of investors like Bill Qian, the technologies will likely reach the mass market soon.