Crypto VC is struggling only from a North American perspective — Animoca Brands CEO

Cointelegraph
Cointelegraph

30 Jun 2023 7:30 PM

While Web3 startups flourishing in the Middle East and Asia, North American crypto entrepreneurs are facing unprecedented challenges. ...

  • Web3 startups are thriving in the Middle East and Asia, while North American crypto entrepreneurs face challenges due to macroeconomic and regulatory conditions.
  • Despite the challenges, Web3 startups can still raise funding from venture firms, but current conditions have raised the bar for newcomers.
  • Animoca Brands CEO Yat Siu remains bullish on the crypto space, noting the increase in builders, smart contracts, and people involved.
  • The crypto industry has seen a decrease in deal value and investment rounds, according to PitchBook's Crypto Report.
  • Regulatory approaches differ across countries, with the US cracking down on crypto firms, while Hong Kong and the UK implement licensing systems and regulations.
  • Siu believes the different approaches are driven by national interests and political reasons, allowing ecosystems to flourish in other parts of the world.

The sentiment in the article is mixed. While there are challenges and regulatory concerns for crypto entrepreneurs in North America, there is optimism and bullishness in the overall growth of the crypto space, particularly in the Middle East and Asia.

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You May Ask

What are the main differences between the environment for crypto businesses worldwide?How have current conditions affected the funding and valuations of Web3 startups?What are some major developments affecting the crypto space?How do regulatory approaches differ across countries?Why does the CEO believe that the US is leaving the role of emerging technology in the hands of other countries?

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