Key Takeaways
- • Jason Choi and Darryl Wang, both 27-year-old veterans of prominent Asian crypto venture firms (Spartan Capital and DeFiance Capital respectively), have launched Tangent, a Web3-focused venture fund operating with proprietary capital and zero management fees.
- • Tangent will deploy capital to three to five early-stage crypto projects per quarter, providing non-financial support including audit services, legal structuring, media relations, and technical assistance—positioning itself as an operational support vehicle rather than traditional venture capital.
- • The fund has assembled six mentors from established crypto and decentralized finance circles, including 0xMaki (former SushipSwap contributor), Mable Jiang (ex-Multicoin Capital partner), and Gabby Dizon (Yield Guild Games founder), to advise portfolio projects.
- • The fund explicitly targets Web3 projects navigating the current bear market cycle, betting that depressed market conditions create acquisition opportunities for high-potential early-stage ventures in blockchain and decentralized technologies.
Summary
Two veteran crypto venture professionals have entered the market with an unconventional fund structure designed to support early-stage Web3 projects during a prolonged market downturn. Jason Choi, formerly at Spartan Capital and known for his Blockcrunch crypto podcast, and Darryl Wang, who spent two years at Singapore-based DeFiance Capital, launched Tangent with a focus on operational support rather than capital deployment alone.
The fund's capital model diverges from traditional venture capital structures. Tangent will not accept outside capital from limited partners and will charge no management fees, instead operating with an undisclosed pool of proprietary capital. This approach allows the fund to work with three to five early-stage crypto projects each quarter without fiduciary pressures typical of institutional venture funds. The fund's public materials outline a comprehensive support infrastructure spanning audit and legal services, media relations, and technical development—critical services that early-stage projects often struggle to access independently.
The broader strategic thesis underlying Tangent reflects confidence in long-term blockchain adoption despite current market weakness. As Wang stated, "Over the last cycle, we have kind of confirmed that Web3 and crypto are here to stay." He characterized the depressed market environment as an opportunity to identify undervalued projects with strong fundamentals, positioning Tangent to back ventures during a period when founder valuations and market conditions may be more favorable for early-stage capital deployment.
Tangent's competitive positioning rests significantly on its mentor network, which includes influential figures across decentralized finance and Web3 gaming verticals. The first six mentors include 0xMaki, SushipSwap's former primary contributor; Mable Jiang, former Multicoin Capital partner; and Gabby Dizon, founder of Yield Guild Games, a Web3 gaming guild. This network is intended to provide selected projects with strategic counsel and industry connections beyond traditional venture capital services.
The launch reflects a broader trend of specialized Web3 venture vehicles targeting distinct market segments. Recent comparable efforts include Binance Labs' $500 million Web3 fund and a $110 million early-stage fund launched by Ledger and Cathay Innovation, indicating sustained institutional appetite for blockchain infrastructure investment despite market volatility.
The fund's capital model diverges from traditional venture capital structures. Tangent will not accept outside capital from limited partners and will charge no management fees, instead operating with an undisclosed pool of proprietary capital. This approach allows the fund to work with three to five early-stage crypto projects each quarter without fiduciary pressures typical of institutional venture funds. The fund's public materials outline a comprehensive support infrastructure spanning audit and legal services, media relations, and technical development—critical services that early-stage projects often struggle to access independently.
The broader strategic thesis underlying Tangent reflects confidence in long-term blockchain adoption despite current market weakness. As Wang stated, "Over the last cycle, we have kind of confirmed that Web3 and crypto are here to stay." He characterized the depressed market environment as an opportunity to identify undervalued projects with strong fundamentals, positioning Tangent to back ventures during a period when founder valuations and market conditions may be more favorable for early-stage capital deployment.
Tangent's competitive positioning rests significantly on its mentor network, which includes influential figures across decentralized finance and Web3 gaming verticals. The first six mentors include 0xMaki, SushipSwap's former primary contributor; Mable Jiang, former Multicoin Capital partner; and Gabby Dizon, founder of Yield Guild Games, a Web3 gaming guild. This network is intended to provide selected projects with strategic counsel and industry connections beyond traditional venture capital services.
The launch reflects a broader trend of specialized Web3 venture vehicles targeting distinct market segments. Recent comparable efforts include Binance Labs' $500 million Web3 fund and a $110 million early-stage fund launched by Ledger and Cathay Innovation, indicating sustained institutional appetite for blockchain infrastructure investment despite market volatility.
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