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a16z: The Misunderstandings of Cryptocurrency Applications and the Three Misconceptions
Article | a16z
Written by | Christian Catalini
Translated by | Portal Labs
Just a few weeks ago, World Company founder Alex Blania revealed the latest strategic card in front of a full house of crypto bigwigs. While seizing the opportunity presented by policy to enter the US market is eye-catching, the real stroke of genius is their lightning breakthrough into mainstream consumption scenarios. This marks that cryptocurrencies are shedding the label of 'geek club' and truly entering the battleground of everyday business.
World made a bold move: persuading Americans to use iris scans in exchange for a 'real person certification badge' is indeed difficult, even with promises of privacy protection (and the timing may be too early). However, they have quietly accomplished a significant feat: over the past three years, they have laid down three layers of insurance for this crazy plan.
Written by | Christian Catalini
Translated by | Portal Labs
Just a few weeks ago, World Company founder Alex Blania revealed the latest strategic card in front of a full house of crypto bigwigs. While seizing the opportunity presented by policy to enter the US market is eye-catching, the real stroke of genius is their lightning breakthrough into mainstream consumption scenarios. This marks that cryptocurrencies are shedding the label of 'geek club' and truly entering the battleground of everyday business.
World made a bold move: persuading Americans to use iris scans in exchange for a 'real person certification badge' is indeed difficult, even with promises of privacy protection (and the timing may be too early). However, they have quietly accomplished a significant feat: over the past three years, they have laid down three layers of insurance for this crazy plan.
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Panic?! Where Can Web3 Projects Go Under the Impact of Singapore's DTSP Regulations?
You may have heard that the Monetary Authority of Singapore (MAS) recently officially released its final regulatory response to the 'Digital Token Service Provider' (DTSP) system under the Payment Services Act and announced that it will be fully implemented by June 30, 2025, with no buffer period.
This time, it is no longer a policy probe in the consultation phase, nor a symbolic regulatory gesture of 'calling out'.
The signals released by MAS are very clear: no license, no involvement in any token-related business, regardless of whether clients are in Singapore or whether the business is on-chain.
On the surface, this is a new licensing requirement for token services, but in essence, it represents a structural reconstruction of the operational logic of Web3 projects.
This time, it is no longer a policy probe in the consultation phase, nor a symbolic regulatory gesture of 'calling out'.
The signals released by MAS are very clear: no license, no involvement in any token-related business, regardless of whether clients are in Singapore or whether the business is on-chain.
On the surface, this is a new licensing requirement for token services, but in essence, it represents a structural reconstruction of the operational logic of Web3 projects.
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Intrusion? Adaptation! Why Family Offices Have Become Key Players in Web3 Investments?
In recent years, family offices have continued to gain popularity among high-net-worth individuals in China.
As early as 2022, according to the white paper on the development trends of the family office industry jointly released by Swiss Credit Suisse and Hurun Research Institute, the number of institutions named 'family offices' in China has approached 10,000, with a year-over-year increase of over 100%, mainly concentrated in cities like Shanghai, Shenzhen, Beijing, and Hangzhou.
At the same time, the Monetary Authority of Singapore (MAS) and several authoritative institutions (such as Bloomberg, The Straits Times, UBS, Temasek Family Office Association, etc.) disclosed that by the end of 2023, the number of Single Family Offices (SFO) registered in Singapore has surpassed 1,100, an increase of more than three times compared to 2020. Among them, over 40% of the founders are high-net-worth families from mainland China and Hong Kong.
As early as 2022, according to the white paper on the development trends of the family office industry jointly released by Swiss Credit Suisse and Hurun Research Institute, the number of institutions named 'family offices' in China has approached 10,000, with a year-over-year increase of over 100%, mainly concentrated in cities like Shanghai, Shenzhen, Beijing, and Hangzhou.
At the same time, the Monetary Authority of Singapore (MAS) and several authoritative institutions (such as Bloomberg, The Straits Times, UBS, Temasek Family Office Association, etc.) disclosed that by the end of 2023, the number of Single Family Offices (SFO) registered in Singapore has surpassed 1,100, an increase of more than three times compared to 2020. Among them, over 40% of the founders are high-net-worth families from mainland China and Hong Kong.
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How to Compliantly Participate in Web3 Through Structured Investment?
As the identity restrictions in the secondary market gradually tighten, and with the high thresholds and long cycles of incubation investments, a more flexible and 'configurable' investment method is gaining increasing attention from high-net-worth investors: structured products.
In reality, structured investment is not a new topic exclusive to Web3; it is an 'old play' in traditional finance.
In traditional markets, investment banks often bundle a basket of assets and then layer them: a highly risky layer, such as 'equity' or 'subordinated bonds,' left for investors willing to speculate for returns; a lower-risk layer protects the principal through priority repayment and capital protection mechanisms, attracting more conservative allocation capital.
In reality, structured investment is not a new topic exclusive to Web3; it is an 'old play' in traditional finance.
In traditional markets, investment banks often bundle a basket of assets and then layer them: a highly risky layer, such as 'equity' or 'subordinated bonds,' left for investors willing to speculate for returns; a lower-risk layer protects the principal through priority repayment and capital protection mechanisms, attracting more conservative allocation capital.
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Web3 Investment Guide | Compliance Edition (04): How to Comply with Incubation Investment in Web3?
In April 2024, Du Jun announced the suspension of the ABCDE fund while launching a new incubation brand, Vernal. Primary investment has hit the pause button, but incubation business is accelerating; this marks not only a personal shift in his path but also, to some extent, signals a change in the Web3 investment paradigm.
In the past few years, the strategy of crypto VCs has been clear: invest in projects, wait for them to launch, and cash out. But now, with exit paths blocked and valuation systems collapsing, many institutions are beginning to realize that continuing to act as 'financial investors' might mean not even being able to watch the whole show. As a result, a group of capital has started to change their approach—no longer betting on project growth, but instead getting directly involved, packaging resources, capabilities, and networks to push projects from 0 to 1.
In the past few years, the strategy of crypto VCs has been clear: invest in projects, wait for them to launch, and cash out. But now, with exit paths blocked and valuation systems collapsing, many institutions are beginning to realize that continuing to act as 'financial investors' might mean not even being able to watch the whole show. As a result, a group of capital has started to change their approach—no longer betting on project growth, but instead getting directly involved, packaging resources, capabilities, and networks to push projects from 0 to 1.
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Web3 Development Trends: Where Is the 'Last Mile' of Cryptocurrency Payments Stuck?
When we talk about payment vision and discuss PayFi narratives, little do we know that cryptocurrency payments centered on stablecoins have quietly advanced to the stage of application landing.
The CoinGate 2024 Cryptocurrency Payment Report also points out that CoinGate processed 1,677,288 cryptocurrency payments that year, of which 35.5% were completed in stablecoin form.
At the same time, traditional payment giants such as Stripe, Paypal, Visa, and Mastercard have also entered the space.
However, despite the fact that cryptocurrency payments can now achieve payment functions in real life, Mass Adoption still remains at the 'last mile'.
The CoinGate 2024 Cryptocurrency Payment Report also points out that CoinGate processed 1,677,288 cryptocurrency payments that year, of which 35.5% were completed in stablecoin form.
At the same time, traditional payment giants such as Stripe, Paypal, Visa, and Mastercard have also entered the space.
However, despite the fact that cryptocurrency payments can now achieve payment functions in real life, Mass Adoption still remains at the 'last mile'.
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How to Compliantly Participate in the Web3 Secondary Market?
From 'retreat' to 'reconstruction', the investment paths in Web3 are changing.
In the previous two articles by Portal Labs, we discussed the fundraising difficulties and valuation collapse of the Web3 primary market, and we also saw that some new investment paths are forming: the secondary market is making a comeback, incubation investments are rapidly rising, and structured platform products are gaining momentum.
These changes are not coincidental. As the traditional VC model has lost its attractiveness again due to difficulties in exiting and cold fundraising, Web3 investors are starting to seek more flexible ways to participate in Web3 that adapt to market rhythms.
But at the same time, new paths also need to face new legal responsibilities and regulatory challenges.
In the previous two articles by Portal Labs, we discussed the fundraising difficulties and valuation collapse of the Web3 primary market, and we also saw that some new investment paths are forming: the secondary market is making a comeback, incubation investments are rapidly rising, and structured platform products are gaining momentum.
These changes are not coincidental. As the traditional VC model has lost its attractiveness again due to difficulties in exiting and cold fundraising, Web3 investors are starting to seek more flexible ways to participate in Web3 that adapt to market rhythms.
But at the same time, new paths also need to face new legal responsibilities and regulatory challenges.
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Why can't VCs survive, and why is everyone turning to the secondary market?
In the previous article, Portal Labs briefly discussed the topic of ABCDE halting investment in new projects and outlined the main paths and participation mechanisms of Web3 investment.
In this article, we will discuss the overall trend of current Web3 investments.
In fact, as early as the second half of 2024, many Web3 media and seasoned practitioners began to voice a common perspective: the VC model in Web3 is becoming increasingly difficult.
Although some viewpoints, such as that of Haseeb Qureshi, managing partner at Dragonfly Capital, believe that the VC situation is not so pessimistic and the outlook for crypto VCs remains promising, it cannot be denied that, from the perspective of data and market sentiment, the primary market is indeed undergoing a profound structural adjustment.
In this article, we will discuss the overall trend of current Web3 investments.
In fact, as early as the second half of 2024, many Web3 media and seasoned practitioners began to voice a common perspective: the VC model in Web3 is becoming increasingly difficult.
Although some viewpoints, such as that of Haseeb Qureshi, managing partner at Dragonfly Capital, believe that the VC situation is not so pessimistic and the outlook for crypto VCs remains promising, it cannot be denied that, from the perspective of data and market sentiment, the primary market is indeed undergoing a profound structural adjustment.
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As the Primary Market Declines, What Other Paths Are There for Web3 Investment?
In April, in addition to the overall volatility of the crypto market, perhaps the most explosive news was that Du Jun, co-founder of ABCDE, announced the official halt of new project investments and suspended the fundraising plan for the second phase fund. He also elaborated on the upcoming pivot in investments: shifting to a new path focused on strategic incubation and secondary market allocation.
In fact, as early as the end of 2024, many articles about crypto venture capital were 'complaining' about a tragic fact: the primary market has become unprofitable. Players no longer buy into VC narratives, leading to over 80% of VCs facing losses. Du Jun also expressed in early March 2025 that the ETH holdings he increased over the past year have seen paper losses exceeding $20 million.
In fact, as early as the end of 2024, many articles about crypto venture capital were 'complaining' about a tragic fact: the primary market has become unprofitable. Players no longer buy into VC narratives, leading to over 80% of VCs facing losses. Du Jun also expressed in early March 2025 that the ETH holdings he increased over the past year have seen paper losses exceeding $20 million.
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Cryptocurrency Asset Custody: The Asset Defense Battle for High Net Worth Investors
As the cryptocurrency asset market matures, more and more high net worth investors are entrusting their cryptocurrency assets to third-party institutions to ensure asset security and comply with global regulatory requirements. The emergence of cryptocurrency asset custody services fills the security, liquidity, and compliance gaps faced by high net worth investors in cryptocurrency asset management.
But among many custody platforms, which are trustworthy for high net worth investors? And what successful application cases can we learn from?
In this article, Portal Labs will review the 10 most influential platforms in the cryptocurrency asset custody industry, helping you make informed choices in a complex market.
But among many custody platforms, which are trustworthy for high net worth investors? And what successful application cases can we learn from?
In this article, Portal Labs will review the 10 most influential platforms in the cryptocurrency asset custody industry, helping you make informed choices in a complex market.
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Tariffs are here, BTC has fallen, do you still believe in the safe-haven narrative of digital gold?
Twenty days ago, Portal Labs wrote an article (CZ: 'It's easy to surpass 99% of players in Web3, but hard to beat the last 1%!'), at that time, CZ's HODLism was still highly praised.
However, in just a few days, Trump's tariff stick seems to have easily shattered everyone's faith in HODLism.
In April 2025, U.S. President Trump once again announced tariff policies aimed at the global market, reshaping the trade landscape with the U.S.
Why say 'again'?
As early as during his first term from 2017-2020, the Trump administration implemented a series of tariff policies based on the 'America First' trade protectionism approach. At that time, the Dow immediately fell by 500.
However, in just a few days, Trump's tariff stick seems to have easily shattered everyone's faith in HODLism.
In April 2025, U.S. President Trump once again announced tariff policies aimed at the global market, reshaping the trade landscape with the U.S.
Why say 'again'?
As early as during his first term from 2017-2020, the Trump administration implemented a series of tariff policies based on the 'America First' trade protectionism approach. At that time, the Dow immediately fell by 500.
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What types of virtual assets are there?
If you are participating in or about to enter the Web3 world, you are likely to be dazzled by various 'Tokens': some can be traded, some can be voted on, some represent NFT collectibles, and some claim to offer 'annual returns of 15%'... So the question arises: what exactly are these virtual assets? Are they stocks, points, data, or currencies?
In this article, Portal Labs hopes to provide you with a practical classification logic for virtual assets, helping you clarify what functions the most common types of assets serve, what risks they carry, and what types of participation paths are suitable.
In this article, Portal Labs hopes to provide you with a practical classification logic for virtual assets, helping you clarify what functions the most common types of assets serve, what risks they carry, and what types of participation paths are suitable.
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How can Chinese Web3 players efficiently run events?
In Portal Labs' previous article (Chinese investors' 'offline breakthrough': Why do you need to attend the 2025 Hong Kong Carnival?), we shared why Chinese Web3 investors need to run events.
However, knowing how to run and where to run also requires skill. In this article, Portal Labs will chat with everyone about it.
Where to run?
The first step in choosing offline events is to see which city they are held in.
The reason is simple: the policy environment and entrepreneurial atmosphere of a city determine whether it can attract truly high-quality institutions and projects to participate.
For example, in the past two years, Hong Kong has gradually opened up to Web3, actively supporting the entry of Web3 companies. At the beginning of 2025, one of the most famous Web3 events, Consensus, chose to hold an event in Hong Kong.
However, knowing how to run and where to run also requires skill. In this article, Portal Labs will chat with everyone about it.
Where to run?
The first step in choosing offline events is to see which city they are held in.
The reason is simple: the policy environment and entrepreneurial atmosphere of a city determine whether it can attract truly high-quality institutions and projects to participate.
For example, in the past two years, Hong Kong has gradually opened up to Web3, actively supporting the entry of Web3 companies. At the beginning of 2025, one of the most famous Web3 events, Consensus, chose to hold an event in Hong Kong.
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The 'Offline Breakthrough' for Chinese Investors: Why You Need to Attend the 2025 Hong Kong Carnival?
If asked how to obtain firsthand information and networking resources for Web3 development, most veteran Web3 players would give you a unified answer: attend more meetings.
What is 'run meetings'?
Every year, various Web3 events are held around the world, among which the most representative and influential recently is the upcoming Hong Kong Web3 Carnival (Web3 Festival) scheduled for April 6-9, 2025, attracting a large number of domestic and foreign investors, project parties, and industry experts.
Meanwhile, there will also be various surrounding activities (Side Events) around the main venue, continuously throughout the day. According to the well-known Web3 event platform Luma, there are currently nearly 40 surrounding activities.
What is 'run meetings'?
Every year, various Web3 events are held around the world, among which the most representative and influential recently is the upcoming Hong Kong Web3 Carnival (Web3 Festival) scheduled for April 6-9, 2025, attracting a large number of domestic and foreign investors, project parties, and industry experts.
Meanwhile, there will also be various surrounding activities (Side Events) around the main venue, continuously throughout the day. According to the well-known Web3 event platform Luma, there are currently nearly 40 surrounding activities.
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What are the Web3 investment models?
Since 2024, after continuous good news from Hong Kong's virtual asset market, more and more traditional financial users have turned their attention to this emerging market.
From direct trading of virtual assets to indirect purchases of virtual asset-related products, and then to investments in high-quality crypto projects, the Web3 world always has countless opportunities waiting for players. But what kind of Web3 investments can you actually participate in? And can you participate legally and compliantly?
In this article, Portal Labs has organized the current mainstream Web3 investment methods and the types of suitable people.
From direct trading of virtual assets to indirect purchases of virtual asset-related products, and then to investments in high-quality crypto projects, the Web3 world always has countless opportunities waiting for players. But what kind of Web3 investments can you actually participate in? And can you participate legally and compliantly?
In this article, Portal Labs has organized the current mainstream Web3 investment methods and the types of suitable people.
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Why does Web3 need AI Agents?
In the past two days, Portal Labs saw a piece of news from PANews stating: According to the 2024 annual Runa Open Source Entrepreneurship Index (ROSS Index) report released by the European venture capital firm Runa Capital, more than half of the 20 hottest open-source startups globally are closely related to AI, with projects represented by MyShell and Fuel prominently featured.
In Web3, starting from the end of 2023, elements of #AI have become popular, and by 2025, #AIAgents , it can be said that any project that does not incorporate some AI elements is 'out of place'.
To say how popular the AI label is in the current Web3, let's first look at a set of data (at the time of writing):
In Web3, starting from the end of 2023, elements of #AI have become popular, and by 2025, #AIAgents , it can be said that any project that does not incorporate some AI elements is 'out of place'.
To say how popular the AI label is in the current Web3, let's first look at a set of data (at the time of writing):
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Can Chinese investors participate in Web3 in compliance?
Regardless of whether you are a new player in Web3 or an experienced veteran, if you are a Chinese investor, there is inevitably a long-standing question that troubles you: Is participating in #Web3 illegal?
First, here's an answer: it's not.
So, under the current regulatory framework, how can Chinese investors participate in Web3 in compliance? Which tracks are compliant in China? In this article, Portal Labs will outline the compliance pathways to help Chinese investors find feasible Web3 tracks.
Compliance red lines in the domestic Web3 industry
Currently, the regulation of Web3 in mainland China is mostly still in a gray area; as long as you do not cross the red line, there shouldn't be any major issues.
First, here's an answer: it's not.
So, under the current regulatory framework, how can Chinese investors participate in Web3 in compliance? Which tracks are compliant in China? In this article, Portal Labs will outline the compliance pathways to help Chinese investors find feasible Web3 tracks.
Compliance red lines in the domestic Web3 industry
Currently, the regulation of Web3 in mainland China is mostly still in a gray area; as long as you do not cross the red line, there shouldn't be any major issues.
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What are DeFi, AI+, RWA... Understand the popular tracks in Web3 with this article
I wonder if investors who are newly exposed to Web3 have this feeling:
I have read investment analysis reports from major institutions like t-88, t-90, t-92, and listened to popular terms like t-94, t-96, and Restaking, but... new projects emerge every day, and each project has multiple labels attached. How can I find these subdivided projects in popular tracks?
Many people think that understanding reports is enough to understand projects, but when it comes to practice, they find: concepts exist, the direction is vague, project classifications are chaotic, and it is impossible to accurately target.
If you are troubled by this, let this article help you solve the problem.
I have read investment analysis reports from major institutions like t-88, t-90, t-92, and listened to popular terms like t-94, t-96, and Restaking, but... new projects emerge every day, and each project has multiple labels attached. How can I find these subdivided projects in popular tracks?
Many people think that understanding reports is enough to understand projects, but when it comes to practice, they find: concepts exist, the direction is vague, project classifications are chaotic, and it is impossible to accurately target.
If you are troubled by this, let this article help you solve the problem.
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Can Chinese investors participate in overseas Web3 in compliance?
Due to the clear regulatory red lines in our country, many core areas, especially those involving crypto financial services, such as cryptocurrency trading, lending, etc., still find it difficult to participate in compliance domestically. This has led many investors to consider overseas investment in search of a freer market environment.
But with this comes another critical issue that Web3 investors need to consider: Is participating in Web3 overseas really compliant?
Here, Portal Labs also provides an answer: compliance.
What exactly is the compliance law? In this article, Portal Labs will analyze it one by one.
But with this comes another critical issue that Web3 investors need to consider: Is participating in Web3 overseas really compliant?
Here, Portal Labs also provides an answer: compliance.
What exactly is the compliance law? In this article, Portal Labs will analyze it one by one.
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Don't just look at wallet security settings; security plugins are the baseline for Web3 investment.
In (What is social engineering attack and how to prevent it?), we mentioned that social engineering attacks are becoming one of the biggest security threats for Web3 investors. From impersonating customer service, phishing websites to disguising contract signatures, attackers use a variety of means that are hard to defend against.
Many investors tend to focus their security protection on wallet settings and private key protection, but in reality, what can immediately block risks from daily operations are some simple and practical security tools, such as anti-scam security plugins.
In this article, Portal Labs recommends several mainstream and well-reviewed anti-scam plugins to help you enhance asset security from the source and build your personal Web3 protection shield.
Many investors tend to focus their security protection on wallet settings and private key protection, but in reality, what can immediately block risks from daily operations are some simple and practical security tools, such as anti-scam security plugins.
In this article, Portal Labs recommends several mainstream and well-reviewed anti-scam plugins to help you enhance asset security from the source and build your personal Web3 protection shield.
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