A former Binance boss is seeking to invest $100 million in companies with the hope of bringing five billion internet users over to Web3.
After the collapse of the once second-largest cryptocurrency exchange FTX, the crypto market hit new lows. As major Web3 companies collapsed one after the other, fear gripped the market. Hence, venture capitalists (VCs) and retailers diverted funds from the crypto market during the prolonged winter.
As shown in the chart below, the VC money in the market gradually sank quarter on quarter in 2022.
However, 2023 brought rays of hope for crypto investors as the broad market recovered from lows. Bitcoin, the largest cryptocurrency by market capitalization, has rallied almost 50% this year. Hence, VCs’ excitement to deploy funds in Web3 firms is back, and mass adoption of Web3 is their end goal.
Bill Qian Plans Big
According to a Bloomberg article, Bill Qian, the chairman of Dubai-based Cypher Capital, wants to invest over $100 million in Web3 startups. However, Qian is looking to invest only in the companies that can deliver Web3 mass adoption.
Qian believes that currently Web3 is all about investing or gambling for the masses. Hence, he is looking to deploy funds to companies that can bring the most internet users to Web3.
He hinted that he would approach Asian technology tycoons for funds. Meanwhile, China has turned into Quantitative Easing mode as the Central Bank injected $92 billion into the market. The industry experts and the community believe that the next bull run will be led by Chinese money.
Before joining Cypher Capital in Sep. 2022, Qian was the Global Head of Fundraising for Binance Labs. According to the official website, Cypher Capital has invested $250k to $1 million in “numerous forward-thinking companies.” The company is based in Dubai, the city which is working to regulate cryptocurrencies with the ambition of becoming a crypto hub.
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BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.