Admist the exuberant cryptocurrency value surge that transpired several months ago, a scarcity of financial resources has ensued. However, investment capital is poised to resume its flow.
This resurgence will be marked by a more cautious and guarded approach. Evan Cheng, the CEO of Mysten Labs, conveyed this perspective during an interview with The Block.
“Investors are actively exploring opportunities, recognizing the potential here,” Cheng remarked.
There’s a notable surge of interest in these areas. They are keen on seizing the moment. The same enthusiasm can be observed in Asia, particularly within the APAC region.
Funds will indeed make their way into the ecosystem, but they will exercise a significantly heightened level of prudence.”
Cheng boasts extensive experience in engaging with investors interested in web3 technologies. In addition to the successful closure of a significant $300 million funding round in 2022, which prominently involved Andreessen Horowitz’s a16z crypto unit.
Notably, Cheng was also recognized for proposing a web3 fund earlier this year. This fund was valued at over $100 million.
Mysten, co-founded by Cheng, serves as the originator of the esteemed Layer 1 blockchain known as Sui.
This blockchain leverages the Move programming language, a creation that originated from Cheng’s prior tenure at Meta. Prior to this, he had dedicated over a decade of his career to Apple.
Mysten Labs’ Visionary, Evan Cheng, Foresees a Maturing Crypto Landscape Amidst Investment Decline
Cheng is heartened by the evolving interest of traditional financial institutions in the domains of cryptocurrency and blockchain.
He envisions a landscape characterized by maturity and merit-based evaluations taking firm root.
These established financial entities “comprehend the desires of the consumer and are adept at harnessing this technology more effectively,” he affirmed.
“We anticipate that once we surpass the current climate of extreme bearishness and uncertainty, distinguished winners will emerge.
Additionally, These will be the ones rewarded based on their merits. While speculative activities may persist, merit-based endeavors will claim a more prominent role.”
Notably, Venture capital investments in cryptocurrency startups have experienced a significant downturn in the past year. The situation reached its nadir in August, recording an all-time low.
Furthermore, During this period, the sector attracted less than $500 million in investment.This represents the most modest level of investment recorded in over two years.
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