ScalingX - 'Beyond Scaling' Token2049 Afterparty Panel Recap

On September 13th, 2023, ScalingX alongside aelf, hosted an epic afterparty event ‘Beyond Scaling’ at SKAI, Swissotel The Stamford during Token2049 & the F1 Week. Here is a recap of our insightful panel discussion that took place, featuring industry luminaries:

The panel was moderated by Chichi Hong, Co-Founder of ScalingX.

Moderator: 

Hi, I'm Chichi Hong, Co-Founder of ScalingX. I want to extend a warm welcome to everyone here today, and I'm thrilled to introduce our fantastic lineup of panel speakers for tonight's event. Let's kick things off with John from SkyBridge Capital, who's seated right beside me. SkyBridge is currently seeking to launch a Bitcoin ETF, and this is generating significant attention because the introduction of the first Bitcoin ETF in the United States (US) will send a big signal to the market. What is your stance on this? In your opinion, regarding regulations, what has the US done right and what could be improved?

John Darsie | SkyBridge Capital: 

Hopefully! First of all, thank you for having me. I'm here on behalf of Anthony Scaramucci. Regarding the Bitcoin ETF, as Chichi mentioned, we, like many others, have applied for a Bitcoin ETF in partnership with First Trust, one of the largest ETF sponsors in the US.

You have to acknowledge the role Grayscale has played in pushing the issue forward. Just in the last couple of days, Gary Gensler discussed the need to review all these Bitcoin ETF applications. We believe it's only a matter of time, and it depends on which applications he approves, before we see live spot Bitcoin ETF trading in the US. We believe this will be a watershed moment for the asset class, both institutionally and for retail traders. 

Many high-net-worth individuals in the US face barriers to entry; they may not want to open a Coinbase account or invest in the Grayscale Bitcoin Trust due to structural issues. However, we've sensed a growing demand for Bitcoin exposure among our LPs and clients. We believe the Bitcoin ETF will satisfy this demand and serve as an inflection point, potentially initiating another bullish cycle in the crypto markets. We're incredibly excited about this development and anticipate it will be a monumental moment.

Alex Pack | Hack VC: 

When do you think it will happen?

John Darsie | SkyBridge Capital: 

While I don't have the exact timeline, I believe that within the next 6 to 9 months, we will likely witness the approval of multiple spot Bitcoin ETFs. Entities like BlackRock and Cathie Wood have submitted their applications, and it's our hope that ours will be among the first to receive approval. However, our primary goal is to drive the industry forward; we're more focused on advancing the space than being the first to have our ETF approved.

Moderator: 

Indeed, once it's approved, it will be a huge moment! Thank you John! Up next, we have the Head of Product & Engineering from Worldcoin, Akarsh. You know, even today, I still have questions like “what is Worldcoin”? I mean it's already garnered a lot of attention but people still don't really understand it and the motivation behind it. Perhaps you can explain.

Akarsh Sanghi | Worldcoin: 

Thank you for the invitation. So, a couple of years ago, Sam Altman, who was already working on the OpenAI project that many of you are probably familiar with, started Worldcoin. The main idea behind launching Worldcoin was his realization that as Artificial General Intelligence (AGI) advances, technologies of these kinds of language models would take over. AGI is essentially the core of OpenAI. It could make it challenging to distinguish between bots and humans on the internet. You see, the fundamental principles of today's internet rely on measures like CAPTCHA to prevent bot attacks and address the question of how to reallocate capital and wealth generated by AI.

Initially, Worldcoin began as a whitepaper and a proof of concept. A team was assembled to address the issues of online identity and capital deployment. Over the past three and a half years, this concept evolved into Worldcoin, which utilizes a biometric device called the Orb. You might have seen a booth showcasing it here. The Orb verifies the unique identity of a living human being, and Worldcoin is built upon this foundation. It employs a token-based system to incentivize the creation of a vast global network for both identity verification and financial transactions.

So, that's the basic idea behind Worldcoin. We launched the token a couple of months ago, and to date, we've already registered over 2.2 million verified users from around the world. That sums up the essence of Worldcoin.

Moderator: 

Thank you for sharing and it's amazing to learn about the primary idea and motivation behind the establishment of Worldcoin. Up next, we’ve got Alex Pack from Hack VC. The question for you is “what is Hack VC looking at right now?” What are the sectors or projects you're currently excited about?

Alex Pack | Hack VC:

Thank you. I've been involved in crypto VC for about a decade, starting in 2014. Historically, a significant portion of our investments has been in infrastructure. My partners and I have provided early support to most of the major Layer 1 and Layer 2 solutions, as well as various DeFi protocols. These remain our core investments as we believe they will play a pivotal role in driving mainstream adoption of crypto.

The biggest challenge facing crypto today is akin to the early days of the internet in the 1990s. If you think back to what the internet was like then, it was riddled with hacks and security issues, with very few practical use cases. It often seemed daunting and sketchy to use, much like crypto today. We still witness major hacks regularly, and even tools like MetaMask can be quite challenging for individuals over the age of 40, including myself (though I'm under 40)

In recent years, much of the focus has been on scalability solutions, which are now gaining traction with the emergence of Layer 2 solutions and Ethereum 2.0. Looking ahead, I believe the next phase will revolve around a few fundamental primitives. First, there's the need for privacy. Without robust privacy features, it's challenging for enterprises to fully embrace blockchain technology. This involves concepts like zero-knowledge proofs and enhanced encryption.

Furthermore, I believe that establishing an identity layer is another fundamental primitive, alongside privacy and RWA. All these elements are interconnected and, over time, they will collectively enhance trust, safety, scalability, and usability for everyone.

Oh by the way, there's a booth where you can scan your eyes right over there. It's a fantastic initiative that could bring crypto closer to mainstream adoption, and you even get tokens for it. Interestingly, I'm not even an investor in Worldcoin, but I genuinely love it! 

Moderator:  

Absolutely! I'd like to pose the same question to Jamie as well. Outlier Venture operates as an incubator but also engages in project investments, resembling a VC in some ways. Can you share which sectors or projects you are particularly bullish on at the moment? 

Jamie Burke | Outlier Venture:

Indeed, it may seem like a matter of semantics, but we are actually an accelerator, not an incubator. The distinction matters because we have experience as an incubator in the past, and the roles are slightly different. Alex, who has been navigating the crypto space for a decade—quite a feat, I must say—can attest that in the early stages, there weren't many investment opportunities. And if there were, they typically revolved around early-stage infrastructure, often involving extensive research and development (R&D). Incubators generally focus on multi-year R&D, essentially a pre-commercialization phase. So now, we are firmly an accelerator. 

Now, we identify as an accelerator for the majority of that decade, though we still invest in infrastructure. Currently, we're heavily focused on various aspects of Zero Knowledge (ZK) technology. In fact, we are currently overseeing our second ZK cohort this year, with ScalingX as one of our valued venture partners. Our interests span middleware and, of course, the application layer, representing the commercialization of the Web3 stack. This is the general scope of our activities. 

While we do collaborate with different protocol ecosystems, it's primarily from a partnership perspective. We've worked with ecosystems like Aptos, Near, Polygon, and several others over the years. However, thematically, DeFi remains consistently intriguing, particularly in connection with a subset of RWA. Identity is another area that piques our interest. 

In fact, there are three things in Web3 that have persistently eluded us, but we believe they're inevitable and game-changing once they materialize. The first is decentralized identity. The second is interoperability across the metaverse, and the third is RWA. The challenge is that it takes time for network effects to fully take hold, but when they do, they catalyze each other. So, these three areas are subjects of perennial interest.

Additionally, there's one more area that we've consistently found fascinating—the convergence of Web3 and AI. I even had the opportunity to discuss this topic at the Token2049 conference panel earlier today. While it may be trendy at the moment, it's been core to our thesis for quite some time. We penned our first paper on the subject back in 2017 and have expanded on it multiple times since then. Our investments have ranged from Ocean Protocol to Fetch.ai, and we have even supported early members of the DeepMind team who explore decentralized agent-based systems, and many others. We have core convictions about certain developments that we believe are inevitable; it's just a matter of timing, and we continue to invest in them. 

Nonetheless, as an accelerator, we operate within a marketplace framework, connecting supply (startups) with demand (venture capital). If no other venture capitalists are showing interest in a particular area, it doesn't make sense for us to bring a startup to market in that domain. We must align the timing of these elements, and it's often a delicate balance. Generally, the Web3 VC landscape can be quite dynamic, marked by shifts in attention and trends, somewhat akin to having a collective case of ADHD. The Web3 VC landscape tends to be fickle, with short attention spans, often moving in herds following what's hot or not. Therefore, we must adapt and align with the broader VC industry's dynamics.

Moderator: 

Wow! That's incredibly insightful, and we share your excitement for the second ZK cohort. We're eagerly anticipating the transformative solutions that will emerge from these ZK startups. It's worth noting that Outlier Venture is also our official accelerator partner for the Transcend Beyond Global Accelerator Alliance. If you'd like to learn more, please don't hesitate to visit the ScalingX official website and join our social channels for regular updates! Next up, we have Andrei, the managing partner of DWF Labs. Can you review some of the recent hot topics in the market, particularly regarding CYBER and CRV? As they're creating quite a buzz in the space!

Andrei Grachev | DWF Labs:

Thank you once again for having me here. I'd like to start by addressing CRV. I can't go into too much detail, but we've recently extended our support to them. Currently, we hold CRV tokens in our public wallets, and we're actively exploring ways to enhance our support for them. Whether people like it or not, CRV plays a crucial role in the DeFi ecosystem within the crypto space at the moment. From an external perspective, it might not seem all that special; we simply acquired tokens, and they now reside in our wallets. Many had the opportunity to do the same. Personally, I believe the CRV team, despite past mistakes, has executed well in this particular instance. They've distributed their tokens among various market players, including larger ones, which has fostered a commitment to support CRV in various ways. This approach appears more favorable than simply selling everything to us or other players.

Now, shifting the focus to CYBER, let's take a step back and assess the current market conditions. It's safe to say that the market isn't in its best state right now. Many are eagerly awaiting specific developments, hoping for a bullish trend, but it hasn't materialized yet. As a result, futures trading and speculative behavior have become quite pronounced. Many investors are sitting on significant losses, still reeling from the market downturn that began in 2021 and that continues today. Desperate to recover their losses, they've resorted to more speculative trading, which can be quite risky. Now, regarding CYBER, it has a relatively limited token supply. I have a very small amount of tokens on the ERC20 chain. The majority of tokens were on the Binance Smart Chain, including various launchpad tokens. When the tokens on the ERC20 chain were moved to Bithumb and faced difficulties due to a lack of supported arbitrage mechanisms between Bithumb and Binance, a significant market crash ensued. Deposits and withdrawals weren't supported, and that was that.

The prevailing market conditions exacerbated the situation, and due to the constrained supply, the market responded with intense trading activity. Many individuals engaged in short and long positions, creating a frenzied scenario where futures trading volume reached extraordinary levels, surpassing 10 billion. While I can't attribute it to any single entity, it was more of a market-driven phenomenon.

In my view, it's been quite an intriguing experience, and while I can't say it was orchestrated by anyone, the market dynamics played a significant role. That's my perspective on the matter.

Moderator: 

That's fair, and thank you for sharing your insights. Let's return to John. Could you provide us with an introduction to the SALT Conference and shed some light on your future plans in Asia? We've caught wind of something intriguing, and we want to know more about it. 

John Darsie | SkyBridge Capital:

Certainly, I'm happy to provide some insights. Professionally, I wear two hats. Firstly, I'm a partner at Skybridge Capital, a multi-billion-dollar asset manager primarily focused on fund of funds. However, around 15 years ago, Anthony Scaramucci launched the SALT conference series. The primary purpose of SALT is to connect significant asset allocators with asset managers and startups that we believe hold immense promise. These entities could be well-established or emerging managers.

We are particularly excited about expanding our presence here in the Asia Pacific region. We hosted our inaugural event in APAC last November, and we're set to do it again from November 14th to the 16th this year, in partnership with the Monetary Authority of Singapore (MAS) and the Singapore FinTech Festival. Our aim, by collaborating with MAS and the Singapore FinTech Festival, is not just to bring institutional investors and asset managers together but to also bridge the traditional finance community with the world of Web3, crypto, and digital assets.

We are gradually working to dispel the skepticism that often exists among the traditional finance community by involving them in events and dinners. Additionally, we’d like to support every new initiative that a large, established asset manager or legacy finance firm ventures into within the crypto and Web3 space. This includes significant milestones like Fidelity entering the custody business, BlackRock launching a Bitcoin trust, and BNY Mellon establishing a custody program.

Our long-term mission, as passionate believers in this space, is to facilitate the journey of our traditional finance counterparts into the future. We are thrilled about the next phase of this journey, set to take place in Singapore this November. Currently, we host four events globally: one in New York, one in Miami, one in Abu Dhabi—a jurisdiction showing great interest in building a robust Web3 ecosystem—and finally, here in Singapore. Singapore has been notably forward-thinking in terms of crypto regulation and digital asset adoption. So, we're very excited about our endeavors here. Thanks for the excellent question!

Moderator: 

Great, we look forward to participating in the event! Now, for Akarsh, as the Head of Product & Engineering at Worldcoin, we believe you're the ideal person to address this question. Given the recent market concerns surrounding iris scanning, could you please share the measures Worldcoin has put in place to guarantee the security of individual biometric data and to prevent any potential misuse? Additionally, could you provide some insights into the technology you're utilizing for this purpose? 

Akarsh Sanghi | Worldcoin:

I believe there has been a somewhat misguided narrative in the press and media concerning Worldcoin's use of biometrics, especially with regards to data privacy. It's important to clarify that we utilize biometrics primarily to establish that individuals are unique, living human beings. Our extensive research led us to the conclusion that, on a global scale, no better method exists than biometrics for achieving this. Other approaches, such as a web of trust, where individuals vouch for each other's uniqueness, have been attempted but fall short in terms of scalability. Hence, we had to resort to biometrics as our default option.

It's essential to note some fundamental truths about Worldcoin. Firstly, we collect no personal information from users. Our Worldcoin wallet app is entirely non-custodial, meaning users don't need to provide any personal details, not even their names. It's entirely anonymous.

Regarding the iris scan, it's important to emphasize that it's an opt-in method. Users have the choice to opt-in and upload their biometric data to our central server for machine learning and neural network training. However, by default, no data is stored, and the generated iris code remains completely anonymous. There's currently no proven mathematical method to reverse-engineer the original iris image from the hash that's generated.

To address any concerns, we've documented our technology extensively. You can find detailed information in our whitepaper and privacy FAQs. We've described the entire system design in depth, making it publicly accessible to ensure transparency and to clarify how our system is designed to preserve privacy.

Moderator: 

Yeah! Utilizing ZK technology is arguably the best solution at this time. Congratulations on the remarkable progress the Worldcoin team has achieved so far! So Alex, I have a rather interesting question for you. What are your thoughts on FTX and Sam? What specific aspects or actions by FTX has made you question their credibility or business practices? 

Alex Pack | Hack VC:

Well, it's not positive at all. It's quite interesting, actually. We have a bit of history with FTX, like pretty much everyone does at this point. I was one of the first investors to conduct due diligence on FTX back in the early days when it was still called Alameda. Surprisingly, they didn't initially plan to launch an exchange. We actually made an offer to invest, but we withdrew it after about five months of extensive due diligence and reviewing their documents. This was during the 2018-19 era, and it's quite a wild story. We sort of ended up on Sam's blacklist after that. He didn't want us to participate in deals with them, which was challenging, considering that Alameda and FTX had invested in around 500 deals with customers' funds, allegedly.

It's quite challenging because we're a venture fund based in the US, coming from Silicon Valley, with many institutional investors. We operate in that world. What's unfortunate is that FTX raised an enormous amount of capital, probably around $1 billion, perhaps even more, but they also lost roughly $10 billion of customer funds, mainly in Asia, not as many losses in the US, primarily among customers in Singapore and similar regions. People here in this room may have experienced losses as well.

Here's the issue: even if you're an investor in FTX with a relatively small stake (bearing in mind that FTX investors typically have significantly more capital at their disposal), and your one crypto deal for the year is to invest a small fraction of your assets in FTX, and then your investment becomes headline news as one of the largest alleged frauds in history, it's incredibly unsettling. Such an experience can deter you from ever considering crypto investments again, which is regrettable.

It's quite ironic because many of the recent gains in the crypto market, with Bitcoin up approximately 50% to 60% year-to-date, have come from Asia, even from individuals who lost money with FTX. However, institutional investors, who suffered only a fraction of those losses, are moving cautiously and waiting for regulatory clarity, ETFs, and other developments before re-entering the market. 

This situation highlights the issue when a massive fraud occurs. I believe that with advancements in DeFi and identity solutions, we will eventually reach a point where not only is FTX challenging to replicate but nearly impossible in the future. When everything is transparent and open-source, stealing $10 billion in customer funds becomes much more difficult, as everything is recorded on the blockchain. DWF Labs, for instance, demonstrates just how much visibility we can have into people's actions and losses on blockchain networks. These are some of my thoughts on the matter.

Moderator: 

That's a fascinating story, and thank you for sharing it with us! Now, moving on to Jamie. With your extensive experience in Web3, you possess a deep understanding of the field. However, for some individuals, even those working in the Web3 industry, grasping its intricacies can be challenging. Could you provide us with a more in-depth perspective? Specifically, does crypto play a role in shaping trust on the internet, and if so, what should that role entail?

Jamie Burke | Outlier Venture:

Oh, that's a profound and somewhat esoteric question. Well, you see, even before blockchains came into the picture, there was a lot of contemplation about the cost of trust, especially on a global scale. The notion was that trust, or the lack thereof, can significantly impede economic activity. If you can't trust your counterparty, whether it's an individual or a company, you're less likely to engage in a transaction, purchase a product, or avail a service. Anything that reduces the friction associated with trusting another party—validating their identity, ensuring that an AI or a smart contract behaves as expected—can inject a tremendous boost into the global economy. 

Now, when it comes to Web3, it holds the potential to transform how we trust and transact. For politicians, whether they govern large nation-states or city-states, it's an opportunity, particularly in economic environments with limited growth or decline. They can explore ways to facilitate more transactions, more trade, and increase the velocity of money at a lower cost. 

Trad-Fi folks are already recognizing this potential—it's quite evident. The question that looms large is when will Web3 truly start making a substantial impact? To be honest, while Web3 and DeFi have immense potential, we haven't fully realized it yet. If you consider DeFi, it's only a tiny fraction of crypto holders who are actively engaged in DeFi in a meaningful way. So, the dream of achieving global financial inclusion or implementing concepts like universal basic income (UBI) is entirely feasible, but at the same time, I think we've got to do a bit of soul-searching as to the reality of what Web3 is today. 

In a context where genuine growth is scarce, we're essentially experimenting and playing games, often resembling Ponzi schemes. Everyone is aware of this dynamic. However, this doesn't negate the profound potential of Web3. Some sectors within the art portfolio, for example, are genuinely building on Web3, leveraging NFTs, and going beyond the realm of mere PFP markets. They're engaging in activities like market-making, akin to small-cap markets.

In essence, while we're still a considerable distance away from witnessing the true and substantial impact of Web3, there's a growing recognition that it's not merely a playground but a realm with the capacity to reach the masses. People often ask us advocates of Web3, “What are the killer dApps or protocols that's impacting millions today in a consumer context?” Regardless of whether one agrees or disagrees with Worldcoin's approach, it represents a step towards demonstrating the intent to achieve mass adoption. I hope that helps provide a deeper understanding!

Moderator: 

That's fantastic to hear! When I initially delved into Web3, it was a bit of a journey for me too. I spent time reading books and online articles to grasp what it would eventually shape up to be and how people would perceive Web3. So, you’ve done a great job in providing such profound insights! The last question of the day goes to Andrei. Are there any upcoming projects that you're particularly optimistic about, and are there specific criteria you use when selecting partnership projects? 

Andrei Grachev | DWF Labs:

You bring up a good point. It's often a sensitive topic to mention specific project names, so it's best to avoid that. However, in terms of market trends, I can share my insights. ZK roll-ups and digital identity are certainly promising areas, as evidenced by developments like Worldcoin and others. With increasing globalization, people are becoming less tied to one country, and financial fragmentation is on the rise in certain regions. I believe that digital identity will continue to grow in importance. 

Additionally, I see potential in cross-chain solutions. While Ethereum remains a leader with around 80% market share in terms of trading and TVL, there are other popular chains as well. For widespread adoption, it should be easier for users to interact with various chains using a single wallet and a single currency. This would eliminate the need to hold multiple assets like BNB, ETH, or others, similar to managing different currencies in a bank account. I believe this direction holds significant promise.

Moderator: 

Certainly! Thank you, Andrei, for sharing your perspective. Now, let's explore a general question. Everyone, please feel free to answer from your own point of view. As you're currently in Asia, specifically in Singapore, what do you see as the next significant opportunity in the Asian market?

John Darsie | SkyBridge Capital:

I'm always struck by the sense of optimism and resilience among investors here in Asia. Despite the roller coaster ride and turbulence in the crypto world over the past two years, there's a remarkable spirit of determination in Asia. In contrast, in the United States, we've seen growing cynicism from regulators and institutional investors, who may have had a few less-than-stellar experiences with their Web3 investments. But here in Asia, even in the face of losses or failed investments, there's a continuous energy and commitment to building in this space.

For Skybridge, our focus is on raising more capital from Asian-based investors and advancing our mission of bridging Trad-Fi and DeFi. We're also actively seeking out Asian asset managers and startups that are harnessing this optimism to build aggressively. It's a time when the US is unfortunately falling behind, both in terms of regulation and entrepreneurial drive. So, in summary, we're excited about deepening our engagement in the APAC region, driven by this prevailing optimism, energy, and shifting demographics.

Akarsh Sanghi | Worldcoin:

I share a very similar perspective. The US government, particularly the SEC, has taken an extremely hostile stance toward the entire industry, which is quite unprecedented. It's been a while since we've seen such an extreme posture, especially in the US, where they've adopted such an antagonistic approach toward a whole set of tools and technologies. This has largely been because of the monetary component associated with tokens.

In contrast, Asia has been catching up rapidly and has taken a more forward-thinking stance from a regulatory perspective. Additionally, people in Asia seem to be more open to adopting these technologies compared to their counterparts in Western Europe, the UK, or North America in general. We've witnessed significant success in markets like Japan, South Korea, Hong Kong, and Singapore, which has prompted us to expand further into the Southeast Asian markets.

For Worldcoin, it's evident that a substantial portion of our future growth will be centered in Asia. You can expect to hear more news from us on this front in the coming months.

Alex Pack | Hack VC:

Indeed, I'm quite interested in this as well. It's somewhat linked to the regulatory landscape, but I'm particularly looking forward to the emergence of Asian stablecoins and the integration of T-bills on blockchain platforms. Singapore, for instance, recently announced its own stablecoin, and I'm sure other countries or city-states in Asia will follow suit in the near future. The US's cautious approach or reluctance is, in a way, Asia's gain, and it presents an exciting opportunity for innovation and development in the region.

Jamie Burke | Outlier Venture:

I can share that we don't make a significant distinction between regions. We have a thesis centered around solving universal problems, although they may have local nuances in specific markets. We aim to collaborate with the best founders to address these challenges, and that's why we operate virtually rather than being tied to a physical location like Silicon Valley or London.

In terms of what excites us, some of these aspects have remained consistently intriguing. We are particularly enthusiastic about agent-based systems as we believe they are pivotal for AI to scale beyond its current limitations, especially when based on open web training data. This expansion towards AGI-like experiences is likely to rely on a backend marketplace, which aligns with blockchain technologies and infrastructure. Additionally, we are still keen on the concept of the open metaverse, and we've witnessed significant progress in building infrastructure that emphasizes interoperability.

In our portfolio, projects like Futureverse are gaining momentum and realizing the potential of interoperability by collaborating and consolidating with startups like Crucible, which works on cross-game-engine assets. We also maintain interest in RWA. In the realm of gaming, we see a shift from rudimentary play-to-earn games to fully immersive experiences.

Furthermore, we're preparing to launch a program with Walmart focused on the future of e-commerce, which we refer to as "dcommerce." This initiative stems from an investment we made in Boson Protocol back in 2017. The core idea here is to unbundle e-commerce from the ground up, covering aspects such as the marketing stack, inventory management, customer lifecycle management (CRM), and final mile fulfillment. We believe this can function at a level of experience equivalent to most existing e-commerce solutions. These trends and areas of interest apply equally to Asia and the West.

Andrei Grachev | DWF Labs:

Regarding Asia, I'd like to emphasize that significant movements and developments often originate in the West, particularly in the US. For example, concepts like ETFs, substantial investments, and major exchanges typically begin there. However, these activities receive substantial support from Asian investors. It's where they gain momentum. In Asia, both retail and institutional investors tend to have much higher risk tolerance. 

During bull markets and in the context of large-scale projects with extensive user bases, as mentioned earlier, Asia plays a central role. For instance, even FTX had a user base that consisted of a majority of Asian users compared to non-Asian users. Due to this dynamic, I believe that Asia will continue to underpin the next bull market and subsequent phases of development in the crypto space. This support will primarily manifest through secondary market activities and second-stage funding. Additionally, Asia is home to a growing number of cryptocurrency users, and more countries in the region are embracing the crypto space, further contributing to its importance in terms of users, risk tolerance, and working capital.

Moderator: 

Thank you to each and every one of you. It's been a true pleasure to have you guys on this panel discussion and gain so many valuable insights from all of you. I'm sure our audience enjoyed it very much as well. That's all for today, and I hope you all have a fun-filled night!

...

About ScalingX

ScalingX is a global accelerator across Singapore, Hong Kong and San Francisco dedicated to the development of Web3 and blockchain technologies, with a focus on Zero-Knowledge Proof (ZKP) technology. Our goal is to advance the adoption of blockchain technology around the world through investments. We support early-stage Web3 startups by helping them with talent recruitment, networking, fundraising, project incubation, PR and branding, community building, and more. We are fully committed to building a more scalable, transparent, secure, and decentralized network of tomorrow.

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