Jason Choi and Darryl Wang, two former crypto executives at two major investment firms in Asia, are launching their own fund to support Web3 projects.
The news was announced on Choi's Twitter linking to the company's website, with additional information reported by Bloomberg.
The new firm, called Tangent, is committing both "time and capital in a select few Web3 companies every quarter as angel investors," the website states. The firm won't accept outside funding or charge management fees, according to Bloomberg. The firm will work with 2 to 5 early-stage crypto projects every quarter "using an undisclosed small pool of proprietary capital," the website states.
Choi was previously general partner at Spartan Capital, and Wang was previously principal at DeFiance Capital in Singapore.
“Over the last cycle, we’ve kind of confirmed that web3 and crypto are here to stay,” said Wang in an interview to Bloomberg. “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.”
Advisors at Tangent include Gabby Dixon, cofounder of Yield Guild Games, a play-to-earn game; 0xMaki, cofounder of SushiSwap, a platform to buy and sell crypto assets; Sam Kazemian, founder of Frax Protocol; Tasha Punyaneramitdee, cofounder of Alpha Venture DAO, and others listed on the website.
Tangent wants to help Web3 projects navigate a downturn in activity across the industry.
"At a time where actors are withdrawing from crypto, we're here to stay and build. Be it a 6 month or 6 year bear market, our belief in crypto remains stronger than ever," Wang wrote on Twitter.
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