Two former crypto execs launch Web 3.0 venture fund Tangent
Tangent’s advisors include Gabby Dixon from Yield Guild Games and 0xMaki, the co-founder of SushiSwap
Two former crypto executives are launching their own venture capital fund called Tangent to support the growth of Web 3.0 and crypto start-ups.
Jason Choi, who worked as a general partner at Spartan Capital, and Darryl Wang, who worked at investment firm DeFiance Capital, will commit both “time and capital in a select few Web 3.0 companies every quarter as angel investors,” according to Tangent’s website.
“Tangent is a small collective of successful founders and experienced operators in crypto. Our goal is simple: to be the most value-add investor per dollar on any cap table,” the website states.
Choi confirmed the news on Twitter, stating that the new firm’s principles are simple and include “small checks, big impact, high conviction”.
Venture funding in Web 3.0
The move follows a series of heavily-backed crypto firms making their way into innovative Web 3.0 and crypto projects. Last month, Binance Labs, the venture capital arm of Binance, closed a $500m investment fund that will accelerate the use of cryptocurrencies and drive the adoption of Web 3.0 and blockchain technologies.
Southeast Asian venture capital firm SeaX Ventures also raised $60m as part of its second fund to back crypto and Web 3.0 companies in southeast Asian markets.
Advisors at Tangent include Gabby Dixon from Yield Guild Games and 0xMaki, the co-founder of SushiSwap, as well as others that are listed on the website.
Wang wrote on Twitter: “At a time where actors are withdrawing from crypto, we’re here to stay and build. Be it a six-month or six-year bear market, our belief in crypto remains stronger than ever.”