Decentralized finance projects flourished in the summer of 2020, enriched by bull market-driven cascades of venture capital funding and reaching a high of $248.84 billion in total value locked by the following fall. Crypto winter set in less than two years later, however, the chill increased by a number of industry-rocking scandals and hacks. Can DeFi now begin to recover some of its former glory?
Revsin expects a first wave of DeFi regulation in the U.S. later this year will push DeFi projects to operate in more open zones such as Dubai and Singapore. Infrastructure projects such as the layer 1 and layer 2 blockchains and rollup technology could continue to flourish in the U.S., however. In late 2018, the crowdfunding platform Republic acquired the team behind Game Theory Group and Revsin was brought on to head its new Republic Capital arm, which was distinct from the more consulting and builder-oriented Republic Crypto group. By the time Revsin left in April 2022, Republic Capital had raised more than $600 million, held about $1 billion in assets under management and had invested in more than 80 startups, including Avalanche, Polygon, Blockdaemon and Kraken.
Tribe focuses on Series A to Series D investments, which tend to be more established but growing companies, and separately operates a pre-seed incubator that helps guide companies at the earliest stages of development. The firm wants to lead or co-lead on the rounds. Individual investments can go as small as $500,000 and as high as $5 to $7 million, noted Revsin.
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