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Backing the next generation of entrepreneurs leveraging powerful network effects. With investments in over 50 companies and ten years of experience we help you create remarkable, long-term impact. Our core beliefs guide our investments and we actively share our learnings and viewpoints to help today’s innovators make a difference. What’s Blockchain’s core value proposition? It enables trust without the need of a third-party intermediary and hence lowers the transaction costs for value exchanges between two parties: Blockchain enables transactions that weren’t economically feasible before (e.g. selling a $20 stake in your project to some person somewhere in the world). Blockchain makes existing transactions more efficient (e.g. by cutting out the middle man and his rake) Looking at Blockchain through the prism of these capabilities makes it easier to identify which projects are crypto-native and which feel less so. For example… Less strong use cases: Private blockchains: Participants usually know each other so the transaction costs are already low. Decentralized versions of existing marketplaces: Operators of highly successful marketplaces usually create tons more value for their customers relative to the rake they take (e.g. Uber, AirBnB). Tokenization of offline assets: People still need a “link” to the real world, so there’s not much reduction in transaction costs – it provides only more efficient tracking of ownership. Given all the excitement surrounding crypto today, it’s important to have the right lens when analyzing opportunities in order to filter out the noise and find those initiatives that have the highest likelihood to succeed.