This Web3 panel was moderated by Joseph Hall, Reporter at Cointelegraph. Panelists included Cathy He, Investment Associate at NGC Ventures, and Jingwei Li, VC Investor at Fidelity International Strategic Ventures.
Joseph, drawing an analogy, described Web3 as a high-tech hipster neighborhood within the vast city of the internet. It represents a decentralized and interconnected digital economy where applications and platforms seamlessly interact and transact. Individuals can become their own banks and transact without intermediaries.
Web3 Opportunities in 2023
Representing Fidelity, Jingwei shared that his company has been making investments in the space, particularly in crypto custodianship. He also highlighted their interest in investing in the underlying technology that enables institutional investors to enter digital asset markets.
Cathy, on the other hand, shared that NGC Ventures has been actively investing in the Web3 and crypto space. She emphasized the power of self-custodianship and the idea that individuals can safeguard their funds without relying on traditional banks.
Looking forward to 2023, NGC Ventures is exploring opportunities in modular blockchains and technological advancements within Web3. Cathy states that modular blockchains are an opportunity to push the boundaries of the scalability trilemma, making blockchain technology faster, cheaper, and more decentralized.
What Are the Challenges in the Coming Years?
Regulatory scrutiny, in Cathy’s point of view, might create short-term challenges but is expected to lead to a better-regulated environment in the long run. The panelists expressed optimism about MiCA’s open-minded approach to Web3 and its potential for growth.
Jingwei has been following closely the inflow of funds into Web3 projects. He shared that while there has been a positive trend in recent months, there is still a need for greater institutional adoption and inflow of funds into digital asset products.
More EBC insights on MiCA, DeFi, and crypto:
- Regulations Unmasked: Decoding Banks and Laws in the Crypto Realm
- Navigating Uncertainty: MiCA and the Challenges of Regulating Crypto
- The Potential of Stablecoins and the Impact of MiCA Regulation