Major Crypto Fund Youbi Capital focuses on Singapore
Early VC backer of Avalanche, Polkadot, Algorand aim to capture the migration of talent and users from Web2 to Web3
SINGAPORE, 27 September 2022 /PRNewswire/ — Youbi Capitala leading VC fund for digital assets, bets on Singapore to drive mainstream adoption of Web3.
As a consistent early supporter of elite blockchain projects such as Avalanche, Polka dot, Algorand and DeBankYoubi Capital has been quick to spot market opportunities.
This pursuit of the next wave of crypto-winners is causing the firm to set its sights on Singapore as the site of crypto innovation.
CEO and founder Chen Li recognized Singapore’s strategic value as Asia’s leading crypto hub. Investment in Singapore’s crypto and blockchain companies rose to record highs 1.48 billion dollars last year – almost half of Asia-Pacific total for 2021. Chen described Singapore as a melting pot of technical talent from the “old and new” world.
“Singapore is a crossroads for Web2 entrepreneurs to learn about the Web3 technology stack—and for Web3 entrepreneurs 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 been investing in world-class solutions designed to create a sustainable and inclusive Web3 infrastructure since 2017. Founded by senior Wall Street investment professionals, owners of top bitcoin mining pools and veteran crypto investors, Youbi Capital will leverage its background in East and connections in the West to build a bridge between the two worlds Singapore.
The fund has supported more than 100 blockchain projects, including early support of primary layer 1 protocols. Youbi is also a proud early supporter of leading Asian infrastructure and application projects such as MetaOne, Meson network, Unipass, Mesh network, Double, NFTGoand Gritty.
Youbi Capital already plays an active role in Singapore’s blockchain ecosystem, including support events on Asia Crypto Week. The week with 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 on the topic Define Web3 UX. “Ultimately, web3 is an infrastructure revolution that greatly reduces the cost for people to collaborate,” Chen said. “Even better, an evolving technology stack means founders can bring web2 users into web3 integrations (like non-manager wallets) without any impact on functionality. This could hold the key to bringing many more millions of people into web3.” “
“Singapore is fertile ground for financing new ventures that onboard the mainstream, provide open ecosystems and usher in the age of decentralization – at the same time.”
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About Youbi Capital
Youbi Capital is a leading digital asset VC and accelerator focused on investing in projects that abstract the functionality of infrastructure applications. The fund creates long-term value by investing in next-generation technologies and truly disruptive decentralized business applications.
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SOURCE Youbi Capital
