In early 2022, Singapore-based venture capital firm Openspace Ventures launched a US$20-30 million crypto-focused fund: Ocular.

The news almost drowned in an ocean of noise. Markets were down due to global political tensions, Bitcoin prices were tanking yet again—it wasn’t the best time to come out with a big bet on cryptocurrency.

Yet, the new fund represents a turning point in Southeast Asia’s VC landscape. The fund is part of a small vanguard of institutional investors who’ve chosen to tackle Web3 investment opportunities head-on. These include a US$50 million US$50 million Business Times Signum Capital partners UOB in US$50m blockchain venture fund Read more collaborative fund launched by Singapore’s United Overseas Bank (UOB) and Web3-native fund management company Signum Capital in December 2021, and the recently announced US$60 million US$60 million e27 RISE founder’s VC firm SeaX Ventures closes Fund II at US$60M Read more SeaX fund by Thai entrepreneur Supachai Kid Parchariyanon.

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Nadine Freischlad

Nadine is based in Indonesia. She covers Southeast Asia's super apps, the changing nature of work and employment, and other structural shifts happening as a result of digital disruption.

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