Evan Cheng Plans to Launch Web3 Venture Fund
According to reports, Evan Cheng, co-founder and CEO of Mysten Labs, confirmed on The Scoop Podcast that he was exploring a web3 venture fund. Evan Cheng said …
According to reports, Evan Cheng, co-founder and CEO of Mysten Labs, confirmed on The Scoop Podcast that he was exploring a web3 venture fund. Evan Cheng said that there are many web3 funds, but investors are looking for things that are not limited to specific ecosystems and are very consistent with LPs, and also get the support of people who really understand web3 technology and products fundamentally. In addition, Evan Cheng also said that the fund would not only invest in Sui Ecology.
CEO of Mysten Labs: The upcoming Web3 fund will not be limited to investing in Sui Ecology
Interpretation of the news:
Evan Cheng, co-founder and CEO of Mysten Labs, confirmed on The Scoop Podcast that he is exploring a new venture fund that focuses on the web3 technology. As per Cheng, investors are looking for funds that are not limited to specific ecosystems and are consistent with their investment preferences. Therefore, Evan Cheng is looking to create a fund that provides fundamental support to startups that are working on web3 technology and products.
Web3 technology is a rapidly growing industry; hence, more investors are trying to tap into its potential. Web3 and decentralized finance (DeFi) have evolved into a global phenomenon that is fast replacing traditional financial systems. As a result, Cheng sees the potential in investing in startups that focus on web3 technology.
Cheng stated that his fund would focus on web3 technology and not limit its investment opportunities to Sui Ecology. Sui Ecology is a Chinese blockchain project that strives to scrape data and use it to develop decentralized applications (dApps). Though Sui Ecology has been a major player in the web3 tech world, Cheng wants to expand his fund’s reach to other upcoming projects.
Evan Cheng’s fund is essential for startups working on web3 technology. The critical aspect the fund will support is having understanding technology and infrastructure. Investors with a good understanding of web3 tech can be essential to success as they can offer support and advice to startups.
In conclusion, Cheng’s fund will be beneficial to companies that are pushing the boundaries of web3 technology. Cheng knows there are already several ventures funds that are exploring web3 technology, but he wants investors to have access to professionals that understand web3 technology and the ecosystem. His fund can provide support to startups through seed funding, financial planning, and access to investors.
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