A Week in Hong Kong and Singapore
Over the past week, I met with institutional investors and founders in Hong Kong and Singapore, participating in events such as the Hong Kong Trade Mission organized by Trademissions.org, the Hong Kong Consensus Conference, and a roundtable on Web3 AI with Amber Group.Pantera is actively investing in Asia-Pacific companies and gauging interest in Fund V—a venture fund targeting venture equity, private tokens, special opportunities, and liquid tokens—set to launch by June 30, 2025. The week was packed with critical insights.A standout was the U.S. Consulate-sponsored LP-GP networking reception, attended by top family offices, institutional LPs, and GPs. The event showcased growing interest in U.S.-linked crypto ventures, reflecting a seismic shift in institutional engagement compared to prior years. Investors now demonstrate deeper industry knowledge and broader interest beyond Bitcoin.
Stablecoins and DePIN: Asia’s Dual Frontier
Stablecoins represent a trillion-dollar opportunity, resonating powerfully in Asia. Discussions focused on yield-generating models, with institutions like Bank of America preparing USD-backed stablecoins post-U.S. congressional approval. Stablecoins already process $33 trillion annually—surpassing Visa and Mastercard combined. Pantera’s investments in Ondo and Eco highlight this focus.DePIN (Decentralized Physical Infrastructure Networks) remains nascent but promising. Case studies like Geodnet (global GPS augmentation) and Hivemapper (decentralized mapping) illustrate how token incentives can disrupt traditional infrastructure. Privately, many see DePIN as a sleeper hit for Asia’s tech-driven economies.
AI x Crypto: The Next Wave
The success of DeepSeek—a high-performance AI model built with modest private funding—has energized Asia’s Web3 AI sector. Pantera’s bets include Sahara (decentralized AI agents), Sentient (open AI development), and Akash (decentralized compute markets).In a discussion with Amber Group, we explored AI’s potential to enable privacy-preserving solutions and consumer-friendly agents. Imagine AI assistants executing cross-border payments at internet speed—such tools could multiply global transaction volumes fivefold.
Regulatory Tailwinds
U.S. crypto regulation is finally clarifying. Recent SEC case dismissals signal a shift from hostility to cautious embrace. This regulatory certainty—coupled with pro-innovation leadership—fuels our 2025 investment thesis.Hong Kong emerges as a gateway, with its spot crypto ETFs and nine licensed Virtual Asset Trading Platforms (VATPs). Regulators here actively engage the industry, poised to refine laws supporting stablecoins and DePIN.
Conclusion
Asian investors, builders, and users now exhibit unprecedented confidence in crypto. Stablecoins, AI, and clearer regulations are unlocking use cases that solve real-world problems—from cross-border payments to decentralized infrastructure. As long-term stewards of this space, Pantera is positioned to lead this transformative wave.
Colin Winston
