Asia emerges as a promising haven amid the crypto winter by Rita Liao, Techcrunch
Walking through Token2049, it was hard to tell that the crypto industry was going through a “winter” phase. The crypto conference held in Singapore in September attracted an unprecedented crowd of 20,000 attendees, filling the island state with an even greater number of blockchain enthusiasts who hopped in and out of the hundreds of side events across the city to avoid the costly ticket of the main event.
Over in the U.S., an ominous cloud was forming as the government’s flurry of actions against crypto titans from FTX and Ripple to Binance and Coinbase continued to chill the industry.
The “anti-crypto position” from Washington regulators, coupled with the Federal Reserve’s raising of the federal funds rate and the resulting impact on broader interest rates, has “quite negatively impacted VC investment in the crypto ecosystem,” Kevin Goldstein, senior advisor to crypto investment firm HashKey Capital, told TechCrunch.
Seeking an alternative path to grow, crypto projects and investors have looked past the U.S. towards Asia. “A large number of U.S.-based crypto projects have opened offices, hired local talent and moved people to Asia over the past several years but there is clear evidence many have accelerated their growth initiatives in APAC in the past year as a result of developments in the U.S.,” Goldstein added.
Here is more of the report.
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