Decrypting the Unique Chinese-Speaking Cryptocurrency Market: Real User Research, Comprehensive Review of Chinese-Speaking VCs
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Decrypting the Unique Chinese-Speaking Cryptocurrency Market: Real User Research, Comprehensive Review of Chinese-Speaking VCs
Chinese-speaking users are merely migrating, not truly disappearing.
Navigating Web3 tides with focused insights
Produced by: TechFlow
Written by: 0xmin & Zolo & Min L
Do you truly understand the real Chinese-speaking crypto market?
With "Chinese Coins" and Hong Kong-related concepts gaining momentum, the Chinese-speaking market has once again drawn widespread attention. Institutions and projects that were once hesitant about expanding into this market have now witnessed its undeniable strength through repeated waves of Hong Kong-driven developments.
Beyond fragmented analyses and secondhand information, we've conducted direct conversations with multiple partners and, drawing on TechFlow’s deep-rooted insights in the Chinese-speaking market, present a comprehensive, insightful report covering market conditions, user profiles, venture capital landscape, and communication strategies—revealing lesser-known inside stories.
Whether you're an institution, project team, or individual, we hope this report helps you quickly build a solid understanding of the Chinese-speaking crypto market and supports your ecosystem expansion. Special thanks to co-author Min L, Market Strategy Director at one of the world's top ten exchanges, with over ten years of global market experience and co-founder of FAB DAO.
*This article is excerpted from the Chinese-speaking market section of “The Truth About Web3 in Asia-Pacific,” a report produced by TechFlow.
1. Overview of the Chinese-Speaking Crypto Market
The largest segment within the Asia-Pacific region is the Chinese-speaking market, broadly defined as including Mainland China, Hong Kong, Taiwan, Singapore, Thailand, Malaysia, and other regions with significant Chinese populations. According to a report by Jintou.com, the six countries outside China with the largest ethnic Chinese populations are:
- Indonesia — Over 10 million ethnic Chinese
- Thailand — Approximately 10 million ethnic Chinese
- Malaysia — 7.4 million ethnic Chinese
- United States — 5.08 million ethnic Chinese
- Singapore — 2.98 million ethnic Chinese
- Canada — 1.77 million ethnic Chinese
Different regulatory environments across these regions have shaped distinct crypto user profiles.
In September 2017, the People's Bank of China, along with other regulators, announced a ban on ICOs and ordered the closure of cryptocurrency exchanges. Then in May 2021, authorities issued another notice cracking down on Bitcoin mining and trading activities. Since then, exchanges, projects, miners, and users alike have all moved overseas.
However, Chinese-speaking users haven’t disappeared—they’ve simply migrated.
According to Triple-A estimates, as of 2023, the global average cryptocurrency ownership rate (including non-on-chain holders) stands at 4.2%.
Focusing solely on primarily Chinese-speaking regions—Mainland China (19.9 million), Hong Kong (0.18 million), Singapore (0.64 million), and Taiwan (0.54 million)—the total number of crypto users reaches 21.26 million.
Including ethnic Chinese populations in Indonesia, Thailand, Malaysia, the U.S., and Canada, the total potential reach expands to approximately 23.57 million users. (Calculated as: regional crypto users × (ethnic Chinese population / total population in region))
We emphasize the term “Chinese-speaking market” rather than just “Mainland China.” Beyond Mainland China, there are still large and influential Chinese communities in Hong Kong, Taiwan, Singapore, Malaysia, North America, and Europe—with strong purchasing power.
For any ambitious entrepreneur, while you may choose not to focus on the Mainland Chinese market due to policy reasons, you cannot afford to ignore the broader Chinese-speaking market.
Hong Kong serves as a bridgehead connecting global Chinese communities. Meanwhile, Taiwan is another crucial market—many projects even use Taiwan as a testing ground before entering the wider Chinese-speaking market.
Taiwan has enjoyed decades of infrastructure development and stable economic growth. Its economy, dominated by small and medium enterprises, achieved broad-based prosperity starting in the 1960s. Most Taiwanese born in the 1980s never experienced extreme poverty. Compared to stark wealth gaps in Mainland China or rigid class structures in Japan, South Korea, and Hong Kong, average salaries in Taiwan can generally meet basic living needs. As a result, Taiwanese users tend to favor “steady asset accumulation” over get-rich-quick schemes.
Therefore, long-term projects (such as lending, fixed investment plans, DeFi strategies) and easy-to-understand trading products (like grid trading, copy trading) are particularly popular among Taiwanese users, as they enable consistent wealth building.
On November 14, 2022, the FTX collapse sent shockwaves across the industry, marking the downfall of the world’s second-largest exchange. Official data confirmed Taiwan as the fifth most affected region—an indirect testament to the significance and activity level of Taiwanese users in the crypto trading space. Despite moderate recent GDP growth, Taiwan’s stable economy and social environment give its citizens confidence to explore new wealth opportunities.
The crypto market in Taiwan remains in a gray zone, with no effective regulations introduced despite years of discussion. After the FTX incident, several local crypto asset management firms were implicated—but authorities could only detain suspects without securing convictions, highlighting the lack of legal enforcement tools. Precisely because of this regulatory vacuum, Taiwan has become a battleground eagerly eyed by many traders.
2. User Profiles and Investment Habits
We surveyed over 1,000 users across multiple Chinese-speaking communities to derive the following analysis.
1 – Overall, the largest share of Chinese-speaking crypto investors allocate between $10k–$100k USD (39.3%), followed by $100k–$500k USD (22.5%).
2 – Among the sub-sectors Chinese-speaking users follow, DeFi, Infrastructure, and NFTs rank top three. In terms of blockchain networks, Ethereum, Arbitrum, and BNB Chain lead in popularity.
3 – Media consumption habits among Chinese-speaking users show increasing internationalization. Twitter dominates as the primary information source, used by 85.4%, followed by WeChat (65.2%) and media platforms (61.2%). Most Chinese-language media outlets also actively operate Twitter accounts.
4 – On exchanges, Binance and OKX currently hold clear leadership positions in the Chinese-speaking market, followed by Bitget, Gate, and Huobi. Notably, leading exchanges like Binance, OKX, Bitget, Huobi, KuCoin, Gate, Bybit, and MEXC were all founded by Chinese entrepreneurs.
5 – The crypto market is relatively new. In terms of user experience duration, users with 1–3 years of exposure make up the largest group (41%), followed by those with 3–5 years (28.1%).
Overall, while Chinese-speaking users may be relatively early in their crypto journey, their investment levels reflect strong enthusiasm for the market. Regarding media habits, due to policy constraints, growing reliance on international channels is an irreversible trend—especially Twitter. However, for effective localization, media platforms and WeChat remain essential operational hubs.
Additionally, users in Taiwan and Hong Kong exhibit unique local characteristics. While Binance and OKX are widely used offshore exchanges, Taiwan’s main domestic exchanges include MAICOIN, ACE, and Bitopro. BingX also holds significant traction among Taiwanese users due to high localization. In Hong Kong, primary local exchanges are HKD and Kikitrade.
Popular social apps differ by region: LINE, Instagram, and Facebook dominate in Taiwan; WhatsApp, Facebook, and Instagram are more common in Hong Kong. Regardless of location—Mainland, Hong Kong, or elsewhere—Chinese crypto investors increasingly rely on Twitter and Telegram for information and discussions.
3. Major Media and Influencers
Media serves as a key channel for user information acquisition. Content is often the first point of contact for traditional Web2 users entering the Web3 world—a single article, podcast, or video can spark interest in crypto.
High-quality content can also significantly boost a project’s visibility and create lasting value. It’s estimated that there are over 100 Chinese-language crypto media outlets. Choosing ones with high traffic, strong branding, and unique features is critical to achieving real impact. Based on our research, we’ve compiled a list of key players in the Chinese-speaking media landscape.
Chinese-Language Media
In a sense, the Chinese-speaking market lacks true independent “media”—most function as PR agencies under media guise. Content has become increasingly homogeneous, original reporting is rare, and much of it consists of recycled translations serving as promotional tools for projects and exchanges. Yet amid this competitive environment, some outlets are carving out distinctive identities.
- Wu Talk maintains classical journalism standards, regularly breaks exclusive news, and holds the strongest overseas influence;
- Chain Catcher collaborates with its affiliated fund Cather VC to produce project research;
- Foresight News continuously explores innovations in events and tools;
- Panews adopts a more global marketing strategy;
- Lunar Xue and Planet Daily lead in real-time news updates and maintain strong historical user bases;
- TechFlow focuses on producing original, in-depth articles—combining rigorous research and personal perspectives...
In the traditional Chinese-language market, Blocktempo and Chain News are leading crypto media in Taiwan, while Matters boasts stronger community engagement.
Chinese-Language KOLs and Communities
Historically, WeChat, Weibo, and Bilibili were central information sources for Chinese-speaking crypto users. However, due to censorship policies, attention has shifted toward international platforms such as Twitter and YouTube. Many former WeChat and Weibo communities and influencers have migrated abroad. Below, we review major Chinese-language KOLs and communities on Twitter and YouTube.
Given the subjective nature of influencer evaluation, we reference third-party curated lists to ensure objectivity and comprehensiveness.
Chinese Twitter Influencers 150+
Chinese Twitter List Compilation
List of Smaller but High-Quality Bloggers
Chinese YouTube Influencers 80+
Recommended High-Quality Chinese YouTube Creators
In Taiwan, notable local KOLs and communities include Mr. Block, though he faces controversy; trader Woody; Benson, who stopped posting after the FTX crash; Chill Blockchain, and Daily Coin Research by Alvin. Degen/trading-focused groups include 2140 Crypto Community and Doug 777 Channel. Generalist figures include Hsu Ming-en/Blockchain Trend, Terence, and Hong Kong’s Raccoon/Buji DAO, which is also highly recognized.
4. Introduction to Asia-Pacific Focused Crypto VCs
Crypto VCs
Within Asia-Pacific crypto VCs, Chinese-led funds dominate both in number and overall presence. Yet like “Made in China” in earlier days, Chinese crypto VCs face challenges of being numerous but lacking strength and influence.
Many are criticized for lacking proprietary investment methodologies, favoring follow-on investments, and hoping to piggyback on Western blue-chip funds. This leads to FOMO-driven investing during bull markets and inactivity during bear markets, resulting in portfolio performance that often fails to outpace ETH over full cycles.
Since late 2022, a shift has emerged: many Chinese crypto VCs have reduced early-stage investments, either pivoting to secondary market funds or focusing more on project incubation. Accelerators, incubators, and demo days have proliferated—shifting competition from early-stage funding to startup nurturing.
Below is a review of active or formerly active crypto funds in the Chinese-speaking market.
- HashKey Capital
Part of HashKey Group, HashKey Capital is an Asia-focused asset manager specializing in blockchain technology and digital assets, and was an early investor in Ethereum. Currently one of Asia’s most active Web3 investment firms, it has backed over 200 projects across 17 countries. With strong regional advantages and fundraising capabilities, HashKey has steadily expanded from Cyberport to Central Hong Kong. The group holds a virtual asset trading platform license from Hong Kong’s SFC.
Portfolio: Animoca Brands, Cosmos, Polkadot, dYdX, IoTeX, Alchemy, Celestia, 1inch Network, Mask Network, Evomos, Terra, Harmony, Alliance, Mina, Galxe, Stacks, iZUMi Finance, Cobo, RSS3, Moonbeam, Radicle, Multichain, Pendle, Coinlist, DeBank, Decrypt, The Block, Foresight News, Secret Network...
Website:
https://capital.hashkey.com/en/
Twitter:
https://twitter.com/HashKey_Capital
- Fenbushi
Founded in late 2015, Fenbushi Capital is China’s first VC dedicated to blockchain-related ventures and an early backer of Ethereum. Vitalik Buterin serves as an advisor. Fenbushi has participated in key Ethereum ecosystem infrastructure and application investments, including Kyber Network, MakerDAO, and Arbitrum. In December 2022, Amber Group raised $300 million in a Series C round led by Fenbushi Capital US. Today, Fenbushi exerts significant influence over Amber Group, jointly operating a Gamma Fund.
Portfolio: Amber Group, Messari, Offchain Labs, Fuel, Circle, Mina, The Graph, 1inch Network, Stacks, Balancer, Moonbeam, iZUMi Finance, Oasys, Astar Network, Forkast, Coinlist, ChainFeeds, Consensys, DeBank, DFINITY, Flow, NYM, Biconomy, Radicle, WOO Network, MathWallet, BlockSec...
Website:
https://fenbushi.vc/index_cn.html
Twitter:
https://twitter.com/fenbushi
- SNZ Holding
Founded by engineers, blockchain advocates, and entrepreneurs united by belief in blockchain as a tool to restore the internet’s original spirit, SNZ Holding aims to build a better future through privacy protection, information verification, distributed computing, and digital assets. SNZ also offers professional PoS staking services.
Portfolio: Animoca Brands, Arbitrum, Dfinity, Avalanche, Stacks, Mina, Manta Network, Mask Network, Solv Protocol, Astar Network, NFTScan...
Website:
https://snzholding.com/
Twitter:
https://twitter.com/snzholding
- Animoca Brands
Founded by Yat Siu in 2014, Animoca Brands is a Web3 gaming company and venture capital firm. Through strategic acquisitions, it owns subsidiaries like The Sandbox, Blowfish Studios, Quidd, and GAMEE. Between 2021 and 2022, Animoca invested in over 400 projects, rising to unicorn status and becoming Cyberport’s flagship success story—despite Yat Siu’s limited Cantonese proficiency.
Portfolio: Ledger, Yuga Labs, OpenSea, Kraken, LayerZero, Yield Guild Games, Axie Infinity, Consensys, Immutable, Polygon, WAX, CyberConnect, Mask Network, MOBOX, The Sandbox, Flow, Harmony, Highstreet, Forkast...
Website:
https://www.animocabrands.com/
Twitter:
https://twitter.com/animocabrands
- SevenX Ventures
Founded in 2020, SevenX Ventures is a fast-rising star among Asian crypto funds. Its three founding partners and team bring over five years of industry experience. Advocating “immersive investing,” SevenX provides not just capital but also support in fundraising planning, product design, tokenomics, and marketing. Their website slogan: “Empowering Startups in Crypto & Web3.”
Portfolio: Near Protocol, Oasis Foundation, Arweave, CyberConnect, RSS3, Bitget Wallet, DeBank, DAO Maker, Yield Guild Games, Mask Network, ChainFeeds, SubDAO, WOO Network, SubQuery, DODO, Footprint Analytics...
Website:
https://7xvc.com/
Twitter:
https://twitter.com/SevenXVentures
- A&T Capital
Launched in 2021, A&T Capital is an early-to-growth-stage fund backed by Ant Group, raising $100 million in its first fund. Thanks to strong capital, it invested in high-profile projects like ConsenSys, Sui, and Celestia. However, following a scandal involving a founding partner, A&T entered a low-profile phase—deleting tweets, shutting down its official account, and clearing its website. Still, its portfolio remains impressive, albeit with many high valuations. A&T also recruited top talent and produced quality content—efforts that shouldn’t be erased by one individual’s misconduct.
Portfolio: Amber Group, Sui, Celestia, Consensys, Cobo, Scroll, Orbiter Finance, Gnosis Safe, Debank, Bitkeep, BlockSec, ChainFeeds, Footprint Analytics...
Website:
https://a-tcapital.com/
Twitter:
https://twitter.com/AT_Capital2021
- Foresight Ventures
Founded in 2021 with backing from exchange Bitget, Foresight Ventures manages over $400 million across multiple funds. It leverages “ecosystem power” to support projects holistically. Its ecosystem includes Bitget exchange, Bitkeep wallet, Chinese crypto media Foresight News, and incubator Foresight X. Strong synergy between Foresight Ventures and Foresight News has accelerated brand growth—making it a rising star in Asia’s crypto VC scene.
Portfolio: SPACE ID, Matrixport, Bitkeep, Foresight News, Shardeum, RSS3, Polyhedra, Xterio, Zebec, Space and Time...
Website:
https://www.foresightventures.com/
Twitter:
https://twitter.com/ForesightVen
- Dragonfly
Founded in 2018 by Feng Bo, founder of CYZEN Venture Capital, with managing partner Haseeb Qureshi (former professional poker player). Dragonfly boasts the strongest fundraising capability in the Chinese-speaking world, backed by Sequoia China, founders/executives of major tech firms, and Temasek, Singapore’s sovereign wealth fund.
Dragonfly focuses on three areas: acting as a fund-of-funds for new crypto asset managers; investing in protocols and applications that could form the foundation of a decentralized economy; and supporting startups bridging decentralized and centralized worlds.
Positioning itself as a bridge between East and West, Dragonfly helps Asian projects access Western-developed technologies and connects Western blockchain projects with Asian markets—true to its motto: “Global from Day One.”
Dragonfly faced controversy due to ties with failed ventures like Beibao Financial and Amber Group. Nonetheless, it stands as the most successful example of a “Chinese LP + foreign GP” model, firmly establishing itself among the world’s top-tier crypto VCs.
Portfolio: zkSync, Animoca Brands, Lido, Avalanche, BitDAO, MakerDAO, Amber Group, Aptos, Babel Finance, Near Protocol, Mina, Consensys, Polygon, Dune Analytics, dYdX, Celo, Cosmos, Flashbots, Bybit, OneKey, RSS3, 1inch Network, Hashflow, SHRAPNEL, Debank, Element, Bitget Wallet, Ribbon Finance, UMA, Axelar...
Website:
https://www.dragonfly.xyz/
Twitter:
https://twitter.com/dragonfly_xyz
- Old Fashion Research (OFR)
“Old Fashion” refers to both a cocktail and a multi-strategy blockchain investment fund. Founded in July 2021 by former Binance executives, founding partners include Ling Zhang (ex-Binance Strategic Investments VP), Wayne Fu (ex-Head of Corporate Development), and Xin Jiang (ex-Binance Labs Investment Director and Launchpad Head). Beyond investing, OFR actively incubates projects and has expanded into Latin America and Africa. In February 2023, an investor consortium led by OFR acquired the anime NFT series 0N1 Force.
Portfolio: Nansen, Mexc Global, Pudgy Penguins, WOO Network, ZetaChain, Boba Network, Rebase, Genopets, Blocto…
Website:
https://www.ofr.asia/
Twitter:
https://twitter.com/ofrfund
- NGC Ventures
NGC (NEO Global Capital), founded in late 2017, was initially closely tied to NEO but has since grown independent. The team possesses deep understanding of crypto investment cycles and leans toward degenerate, hands-on involvement in project incubation—making it a truly crypto-native fund.
Portfolio: Avalanche, BitDAO, Solana, Polkadot, Render, Kucoin, Babel Finance, Highstreet, Consensys, NYM, MultiverseX, Algorand, Oasys, Ankr, Oasis Network, Zilliqa, Ontology...
Website:
https://ngc.fund/
Twitter:
https://twitter.com/ngc_ventures
- OP Crypto
An emerging crypto fund founded by former Huobi executive David Gan. The fund emphasizes its deep connections with both Eastern and Western markets. LPs include Huobi, Bybit, Animoca, DCG, and Republic. OP Crypto was an early major investor in Scroll, a prominent Ethereum Layer2 scaling project.
Portfolio: Scroll, Particle Network, Merit Circle, nftperp, Aurory, Ethos, Connext, Astra Protocol, Stardust…
Website:
https://www.opcrypto.vc/
Twitter:
https://twitter.com/OPCryptoVC
- Bixin Ventures
Part of Bixin Group, Bixin is one of Asia’s largest crypto wallets with over 1 million registered users. Founders were early adopters and promoters of Bitcoin and its ecosystem. Bixin Ventures has technical expertise in the MOVE language and is an investor in Aptos and Sui.
Portfolio: Arweave, LayerZero, Aptos, Sui, Sei Network, EigenLayer, Mina, Algorand, iZUMi Finance, Pendle, Bitget Wallet, SHRAPNEL, Ondo Finance, nftperp, Ethos…
Website:
https://bixinvc.com/
Twitter:
https://twitter.com/bixinventures?lang=en
- ABCDE Capital
Founded in 2022 by Du Jun, co-founder of Huobi, and BMAN, founder of Metropolitan Capital, ABCDE is a $400 million Web3 fund. It prefers leading rounds—around 80% of its investments are led by ABCDE.
Portfolio: PolyHedra, Debox, 0xScope, NFEX, Cysic, Elven, MetaTrust, cointime, Particle Network, CoinCatch…
Website:
https://www.abcde.com/
Twitter:
https://twitter.com/ABCDECapital
- Hash Global
Founded in 2019, Hash Global is a Web3 VC focused on global Chinese teams and projects, investing in two areas: 1) startups led by Chinese founders worldwide; 2) early-stage blockchain projects bridging Web2 and Web3. To date, Hash Global has invested in over 50 projects across seven sectors, managing over $300 million in assets. It maintains close ties with Liang Xinjun, co-founder of Fosun Group and a renowned Chinese entrepreneur.
Portfolio: Mask Network, DeBank, RSS3, rct AI, PlatON, NFTGo, Space and Time, SeeDAO, ChainFeeds, 0xScope, DAOSquare, TokenScript…
Website:
https://www.hashglobal.io/
Twitter:
https://twitter.com/HashGlobal
- RedlineDAO
Redline DAO is an Asia-based crypto investment firm offering end-to-end services including incubation, fundraising, operations, marketing, media outreach, exchange relations, and liquidity management. Formerly Redline Capital (Red Chain Capital), it focused on early-stage blockchain projects and has a background in market-making and quantitative trading, having invested in over a hundred blockchain ventures.
Portfolio: Conflux, Mask Network, Fantom, Celer Network, Mina, DODO, Algorand, Filecoin, Dfinity, iOST, Aura Network, Boba Network, WOO Network…
Website:
https://redlinedao.com/
Twitter:
https://twitter.com/RedlineDAO
- Web3.com Ventures
Web3.com Ventures is the family office of Sunny King, founder of Qtum. It has invested in numerous early-stage projects and is also an LP in HashKey Capital and Animoca.
Portfolio: rct AI, MetaOasis, Cysic, Era7, Delphinus Lab, Relation, Prodia, Amethyst, Cassava Network…
Website:
https://ventures.web3.com/
Twitter:
https://twitter.com/Web3com_VC
- Arcane Group
Headquartered in Singapore, Arcane Group is a global multi-stage VC investing in next-generation entrepreneurs of the Web3 era. It also operates as a family office managing $500 million in assets. Arcane seeks pioneers leveraging blockchain to transform existing systems and build better industry solutions.
Portfolio: Animoca Brands, Discord, Yuga Labs, Consensys, Foresight Ventures, Particle Network, Polyhedra Network, NEST, Gameta, Outland…
Website:
https://www.arcanegroup.io/
Twitter:
https://twitter.com/ArcaneGrp
- Infinity Ventures Crypto (IVC)
IVC is a crypto fund with roots in Japan, Taiwan, and Mainland China, closely linked to Headline Asia (formerly Infinity Ventures). In February 2022, IVC closed a $70 million fund, with participation from Circle, Digital Currency Group, and Animoca Brands.
Portfolio: Yield Guild Games, Thala, Oasys, Scroll, Delysium, Zebec Protocol, RSS3, HighStreet, Xterio, OP Games, Web3Go…
Website:
https://www.ivcrypto.io/
Twitter:
https://twitter.com/ivcryptofund
- IOSG
IOSG is a research- and paper-driven crypto VC. Its four investment principles are: 1) ambitious and resilient teams and founders; 2) groundbreaking projects adding value to the entire Web3 ecosystem; 3) exceptional execution and delivery capabilities; 4) strong community-building focus with massive user potential. IOSG prioritizes brand building, publishing weekly in-depth research reports and hosting regular events like “IOSG Old Friends Reunion” to connect Eastern and Western investors and entrepreneurs.
Portfolio: zkSync, Consensys, IoTeX, Arbitrum, Avalanche, Polkadot, NEAR Protocol, MakerDAO, EigenLayer, Stacks, Cosmos, Celer Network, VeChain, Filecoin, Synthetix, Conflux, Starkware, Celestia, Mina, Gnosis Safe, Mask Network, 1inch Network, Scroll, Treasure Dao, Illuvium, 0x, OneKey, UMA, Bigtime, Astar Network, Galxe, Decrypt, CyberConnect, Liquity, iZUMi Finance, Aavegotchi, Centrifuge, Moonbeam, DODO, Oasis Network, Ocean Network, Ontology, Footprint Analytics, Aztec Network…
Website:
https://iosg.vc/
Twitter:
https://twitter.com/IOSGVC
- DFG
Digital Finance Group (DFG), established in 2015, manages over $1 billion in assets using proprietary capital. It runs three strategic funds: equity venture fund, Polkadot ecosystem fund, and general crypto fund. In 2021, DFG sold its subsidiary LedgerX to FTX. Investment-wise, DFG favors heavy bets on specific crypto assets across primary and secondary markets—once a core supporter of ETC, later a major holder and advocate of Polkadot. DFG also has a sister fund, Jsquare, driven by research and technology, managing over $150 million in proprietary assets.
Portfolio: Ledger, Circle, CoinList, Ava Labs, Solana, Amber Group, Big Time, Render, Dao Maker, Metis, Shradeum, Astar Network, OP Games…
Website:
https://www.dfg.group/
Twitter:
https://twitter.com/DFG_OfficiaI
- LD Capital
Founded in 2016, LD Capital uses proprietary capital to invest in over 300 companies across primary/secondary markets and fund-of-funds, managing $1 billion in assets. LD emphasizes multi-dimensional post-investment support—recruiting talent, designing tokenomics, fostering ecosystem partnerships, technical development, community/media relations, and fundraising—and strives to be a founder’s first believer during tough times. Widely seen as a diversified investor in Asia, LD plans to tighten project selection going forward, offering deeper, higher-quality support. In 2023, LD began focusing more on secondary market investments.
Portfolio: Flow, Mina, Assembly, CoinList, Certik, Near Protocol, Illuvium, Big Time, Render Network, Ankr, Celer Network, MEXC, NYM, Flare Network, Algorand, StarryNift, DAO Maker, Boba Network, SubDAO, DAOSquare, Star Atlas, Alien Worlds…
Website:
https://ldcap.com/
Twitter:
https://twitter.com/ld_capital
- Fundamental Labs
Founded in 2016, Fundamental Labs emphasizes fundamental analysis, evaluating on-chain metrics, financial indicators, team backgrounds, and community health. It invests between $500K and $50M per deal, covering all stages of project development. Beyond investing, Fundamental Labs’ parent company CTH also runs IDEG (digital asset management) and Atlas (Web3 infrastructure solutions). Fundamental Labs maintains close ties with Belle International, a Hong Kong luxury goods conglomerate.
Portfolio: Avalanche, Coinbase, Canaan, Polkadot, Conflux, Kyber Network, Stacks, Filecoin, Decentraland, RSS3, Mask Network, SingularityNET, Loopring, Golem, VeChain, Binance.US, Blockstack, NEAR Protocol, Certik…
Website:
https://www.cth.group/what_we_do/fundamental_labs/
Twitter:
https://twitter.com/fundamentallabs
- Folius Ventures
Founded in 2020 by Jason (@MapleLeafCap), a well-known Web3 influencer on Twitter and veteran of Wall Street, Folius Ventures bridges East and West. With global vision and deep understanding of Eastern founders, Folius lives by its motto: “We love APAC founders.” It supports projects via: (1) in-depth research content for greater media coverage; (2) business support including token design, IR, development, and growth; (3) brand endorsement and introductions to key investors. Founders praise Jason’s skill in “non-consensus” investing—especially in secondary markets—and his preference for proven, repeat entrepreneurs.
Portfolio: NEAR Protocol, STEPN, Nansen, ConsenSys, Scroll, Galxe, Debank, Onekey, Ethsign, Jambo, Cyberconnect, Solv Protocol…
Website:
https://www.folius.ventures/
Twitter:
https://twitter.com/FoliusVentures
- EVG
Based in Hong Kong, EVG is a crypto fund backed by top family offices from Hong Kong and South Korea. It maintains a deep partnership with Animoca, with cross-shareholdings and joint incubations/investments in GameFi and NFT sectors. EVG has two standout strengths: first, leveraging its vast global network to provide fundraising advisory (FA) services; second, excelling at deep project incubation, having nurtured Kikitrade, Aspen Digital, and Vibra.
Portfolio: Animoca, Dapper Labs, Kraken, The Sandbox, Flow, Blockto, HighStreet, Crema Finance, OP Games, iZUMi Finance, rct AI…
Website:
https://www.evg.co/
Twitter:
https://mobile.twitter.com/evg_ventures
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