Compilation of the original text: Deep Tide TechFlow
Compilation of the original text: Deep Tide TechFlow
On April 18, former Pantera co-chief investment officer Joey Krug was named a Founders Fund partner and will "focus on defining the crypto strategy for the next decade of the Founders Fund while identifying the next generation of crypto startups and founders to support."
Where is the Founders Fund?
When it comes to Founders Fund, one has to mention the legend of Silicon Valley, Peter Thiel. In 2015, Peter Thiel co-founded Founders Fund with a group of like-minded people. In their view, the life or death of a company depends on the ability of the founders, so they named this fund Founders Fund.
Founders Fund is known for investing in cutting-edge technology companies, such as aviation, biotechnology, artificial intelligence, material science and other fields.Founders Fund has provided early funding for dozens of outstanding technology startups such as Facebook, Airbnb, LinkedIn, DeepMind, OculusVR, SpaceX, Palantir, and Stemcentrx. Most of these companies later developed into unicorn companies, and many giants emerged.
Why did Joey Krug, former co-chief investment officer of Pantera, choose to join Founders Fund, and what will Founders Fund do in the future in the crypto world? Let Joey Krug answer it for you himself.
The following is the original text:
I'm happy to announce that, effective today, I'm joining Founders Fund as a partner. I'll focus on a few things:
Shaping the next decade of Founders Fund crypto strategy;
Discover and support the next wave of revolutionary founders and crypto companies;
Engage in general investing alongside other Founders Fund partners while maintaining a strong focus on cryptocurrencies.
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Why join Founders Fund?
Peter has been thinking about the issue of decentralized currency since the 1990s, and explored the launch of digital currency. In cryptocurrency and many industries, he saw the coming change before almost everyone else.
Founders Fund has grown into one of the best VC firms in the world, and in my eyes, the most in line with the spirit and culture of crypto.The Founders Fund's mission has always been to support the bold visions of unconventional founders - exactly what crypto needs. The company was founded (as the name suggests) on the philosophy of being founder-first and founder-friendly. In the crypto space, where VCs are inherently skeptical, this true spirit of partnership is especially important to success.
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Why Founders Fund is the top choice to lead the next round of crypto investment
At Founders Fund, we only invest in what we believe to be the best companies of the year — not just in crypto, but across all industries. We don’t have to put billions of dollars into crypto, we evaluate founders in various fields and stages. this means,If Founders Fund invests in your company, we will show the market and the talent you want to attract that we believe your project is one of the most promising start-ups in the world.
Historically, crypto founders have seen the need to introduce dedicated crypto investment funds outside of traditional VCs. However, by combining my crypto expertise with Founders Fund's brand and extensive experience, I believe no firm is better positioned to lead the funding and growth of crypto protocols and companies over the next decade.
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How do I see the crypto space?
My vision is simple: Crypto will become the infrastructure for transferring and storing value, just as the Internet provided the new infrastructure for creating and consuming information. At a high level, cryptography enables native financial transactions on the Internet without relying on portal institutions.
Because crypto transactions are processed by code runs, not bank tellers or suits in Manhattan, they can take place 24/7 around the world without bank holidays or market hours, or any of the friction and friction that exists in traditional finance. limit.
This means that the encryption market will form an important software ecosystem to provide support for social and economic operations. It doesn’t make sense for us to have a separate crypto fund any more than we have a separate internet fund or a separate AI fund. Going forward, encryption will be an important part of our overall strategy.
In response to skeptics who argue that crypto lacks a real use case, I often use USDC payments as an example — a simple, early use case with enormous utility. USDC allows you to send digital dollars anywhere in the world and receive them in seconds on the Ethereum blockchain. I don't want to talk about the merits of decentralized currencies/gold, DeFi innovations, the field of zero-knowledge proofs, gaming, and NFTs, but I'm definitely more optimistic than ever.
There has been a major paradigm shift in recent years compared to past cycles. When I first started writing smart contracts, the developer infrastructure didn't really exist. Now, thanks to companies like Alchemy (I led Alchemy's Series A), building smart contract-based systems is much easier than in previous cycles, where high transaction fees once made applications outside of transactions almost impossible. However, with solutions like Arbitrum and StarkWare (both of which I'm a seed investor), platforms like Ethereum become more scalable, faster, and cheaper, enabling a wider variety of future applications. for extensive.
We also witnessed the emergence of the first decentralized consumer-grade applications in the crypto world. These applications are mostly focused on trading and improving the trader experience, such as decentralized exchange aggregators such as 0x (Matcha) and 1inch Network, and decentralized insurance protocols such as Risk Harbor, both of which I have invested in. I think in the next cycle we will see more consumer-grade applications built on top of the latest wave of infrastructure.
Throughout my career, I have had the opportunity to find and fund these incredible founders, and then watch them make enormous contributions to our field, and I am extremely proud and happy. They are one of the best builders in the crypto space and they are my morning motivator. I look forward to continuing to discover the next generation of exceptional founders and thank Founders Fund for this opportunity.
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