(Bloomberg) -- A pair of executives from two of the more prominent crypto venture capital firms in Asia are launching a new fund they say is targeted specifically at helping promising web3 projects navigate their way through the current bear-market cycle.
Jason Choi and Darryl Wang, both 27, told Bloomberg the new fund, dubbed Tangent, wouldn’t accept outside capital or charge any management fees. Tangent will work with three to five early-stage crypto projects each quarter using an undisclosed small pool of proprietary capital. A public deck for the fund shows that it provides resources from audit, legal structure, to media and technical support.
“Over the last cycle, we’ve kind of confirmed that web3 and crypto are here to stay,” Wang said in an interview. “In what form it takes or how long it will take to get there is up for debate -- but you know, in an extended depressed market, it provides a lot of diamonds in the rough for us to support and hopefully, to push the space forward for the better.”
Choi, most recently at Spartan Capital, is known for popular crypto podcast Blockcrunch. Wang spent two years at DeFiance Capital, a decentralized finance-focused venture fund based in Singapore.
Tangent is also tapping influential people in decentralized finance to serve as “mentors” at the fund, with the goal of providing support and advice to the selected projects. The first six mentors include anonymous crypto influencer 0xMaki, formerly the main contributor to SushipSwap; Mable Jiang, former partner at Multicoin Capital; and web3 gaming guild Yield Guild Games’ founder Gabby Dizon.
“We have confidence that as people who have come into the space and are actually effectively starting this in the depth of a bear market, we’re here for the long term, we’re here to support founders,” Choi said in an interview.
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