Key Takeaways
- • Jason Choi and Darryl Wang, both 27-year-old executives from prominent Asian crypto venture firms, have launched Tangent, a Web3-focused investment vehicle structured as a proprietary angel collective rather than a traditional fund.
- • Tangent operates with an undisclosed pool of proprietary capital, will not accept outside investor capital, and charges no management fees—a structure designed to align incentives with portfolio founders navigating the crypto bear market.
- • The fund targets 3-5 early-stage crypto projects per quarter, positioning itself as a founder-friendly investing mechanism during a period of significant market contraction in the digital asset space.
- • The launch reflects confidence among emerging venture leaders in Web3 fundamentals despite near-term market headwinds, with the fund explicitly designed to help crypto projects survive and develop through challenging market conditions.
Summary
Jason Choi and Darryl Wang, two 27-year-old venture professionals with experience at prominent Asian cryptocurrency investment firms, have launched Tangent, a new investment vehicle focused on early-stage Web3 projects. According to Bloomberg, the fund operates as an angel collective rather than a traditional venture fund, with a distinctive structural approach designed to serve crypto founders during unfavorable market conditions.
Tangent's operational model diverges significantly from conventional venture capital frameworks. The fund maintains an undisclosed pool of proprietary capital, declines to accept outside investor commitments, and operates without management fees. This structure—described as "by founders, for founders"—positions the vehicle to make investment decisions driven purely by conviction rather than fee-generation incentives or external stakeholder obligations. The fund targets allocation to 3-5 early-stage crypto projects each quarter, allowing for focused due diligence and hands-on support.
The timing of Tangent's launch carries strategic significance within the broader crypto market context of mid-2022. The venture announcement comes amid substantial contraction in digital asset valuations and investor confidence, with multiple high-profile failures in the cryptocurrency ecosystem. By eschewing external capital and fee structures, Choi and Wang signal an intention to operate counter-cyclically, supporting builders through prolonged market stress without the pressure to deploy capital quickly or satisfy limited partner return expectations.
The initiative reflects broader market consolidation among crypto venture professionals, with experienced operators from established Asian crypto investment firms establishing independent vehicles to support ecosystem development. The founders' backgrounds at recognized regional crypto investment institutions provide credibility and relationships critical for identifying and supporting emerging Web3 projects during a period of significant market dislocation.
Tangent's operational model diverges significantly from conventional venture capital frameworks. The fund maintains an undisclosed pool of proprietary capital, declines to accept outside investor commitments, and operates without management fees. This structure—described as "by founders, for founders"—positions the vehicle to make investment decisions driven purely by conviction rather than fee-generation incentives or external stakeholder obligations. The fund targets allocation to 3-5 early-stage crypto projects each quarter, allowing for focused due diligence and hands-on support.
The timing of Tangent's launch carries strategic significance within the broader crypto market context of mid-2022. The venture announcement comes amid substantial contraction in digital asset valuations and investor confidence, with multiple high-profile failures in the cryptocurrency ecosystem. By eschewing external capital and fee structures, Choi and Wang signal an intention to operate counter-cyclically, supporting builders through prolonged market stress without the pressure to deploy capital quickly or satisfy limited partner return expectations.
The initiative reflects broader market consolidation among crypto venture professionals, with experienced operators from established Asian crypto investment firms establishing independent vehicles to support ecosystem development. The founders' backgrounds at recognized regional crypto investment institutions provide credibility and relationships critical for identifying and supporting emerging Web3 projects during a period of significant market dislocation.
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