Posted 2 years ago | by Ben Armstrong
Crypto VCs Looking East as Multicoin Hires Principal in Asia
Investors seem to be turning to Asia for new blood, this comes as American cryptocurrency markets remain repressed. Mable Jiang a Beijing-based investor who was formerly in Nirvana Capital just got hired by Multicoin Capital. She is to spearhead the firm’s venture of hunting for new deals in Asia.
Jiang said that come next year a wave of really interesting China-native projects and dapps will come to the market. She went on to add that, she believes a global presence is one of the best ways to deliver more sophisticated views to people in different markets.
China has an advanced market, and is pushing for greater adoption of Blockchain technology. Blockchain fits in with some of the existing technologies used by Chinese consumers, like AliPay. Unlike some nations, China has adopted new forms of payment technology that integrate multiple forms of consumer data into a single platform.
Multicoin is Building Bridges
Jiang said that she has a special opportunity to leverage local knowledge despite her being in the first half of her career trajectory.
She went on to say that localization is absolutely a key component in the accuracy and speediness of judgment, and further added that for a fund to manage a ‘global’ asset, it has to connect the geographic dots and seek to understand the behaviors driving each investment culture.
The firm said, "a significant amount of information travels through word of mouth, WeChat groups, and Mandarin-only social media properties." This was in a letter sent to the investors at Multicoin last month. Also, the letter said that part of Mable’s job will be to close the information gap.
Asia is Packed With Opportunity
BlockTower capital became one of the first funds to shift strategies by hiring SeungKeun Lee a multilingual Goldman Sachs alumni back in 2018. Making this renewed Asia push a continuation of a trend that started during the bear market in 2018.
However Jiang insists that this isn’t a trend and that it’s only a new way to look at stateless assets. From her point of view, crypto requires diverse investors with local cultural competence contributing to a mosaic approach.
Jian said that crypto is one of the few assets that is truly global. And she thinks the biggest misconception is the urge to generically stereotype things with a tag of ‘East’ or ‘West’. While it is tempting to go along with this kind of thinking, the way that people view data privacy, as well as the role of government, makes the East and the West very different development cultures.