A frontier prop investment firm funding a better future for both IQ 50 & IQ 150. Not a VC, but we write VC checks. Tweets by interns. DMs open
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Joined April 2019
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Asia accounts for 60% of global crypto users and drives the largest share of retail liquidity. Yet many founders overlook simple facts, like:
- Chinese users can register on Binance/OKX with a China ID without issue
- The Korean market has no perps
- Wallet overlap between USDT and USDC in the region is under 3%
In collaboration with @ForesightVen, we’ve crafted the ultimate GTM playbook for Asia - the most actionable guide for founders looking to thrive globally.
Many overlook a key driver of Taiwan’s economic strength: its long-standing price-stabilization policy
Industrial power rates have remained unchanged since October 2024, with government funds covering Taipower’s losses
That has helped keep inflation under control, giving Taiwanese companies relatively stable funding and operating costs
Corporate excellence + state backing = Taiwan’s resilient AI supply chain
TAIEX has outperformed globel peers YTD, making Taiwan the fourth equity market in the world. This is not only TSMC's achievement but also reflects the breadth of Taiwan's manufacturing base, which holds a pivotal position in the supply chain.
Looking into Q4, it’s typically the strongest quarter of the year for Taiwanese markets. In particular, Google's TPU v8t begins shipping in 4Q26, and led by MediaTek it should continue to drive revenue growth across PCB, thermal, optical and ODM.
Although valuations will still be affected by bond yields and the US–Iran conflict, the dominant variable remains AI capex, which is not expected to decelerate until 2028.
Taiwan's P/E does still look somewhat elevated against the S&P 500. But on the back of strong revenue growth, MSCI puts Taiwan's forward P/E at just 18.9x, and some companies are already booked to capacity through 2027.
With Q4 momentum close to assured, the most important question is where the bottleneck moves next in the AI supply chain.
Since 2022, equity allocation has gone straight up and cash sits near record lows.
This doesn't mean the AI cycle is topping, but it's certainly a good time to consider how to exit.
AI demand is still hot, but IPO pops are fading. Same story as projects that peak on day one of CEX listing lol 😳
$SPCX listing in 12 hours, nearly 4x oversubscribed on $300B+ in demand.
Following the AI-driven capital market mania, SpaceX's IPO is now pushing demand for quality assets to its peak, in sharp contrast to Beijing forcing mainland users off Futu and Tiger.
When surging appetite for quality assets runs into sovereign capital controls, it opens a massive window for onchain finance.
In just one year, we've watched onchain stocks thrive:
→ Tokenized stocks crossed $1.4B in market cap
→ Equity perps hit nearly $7B in daily volume
From SpaceX to OpenAI and Anthropic next, crypto has a shot at capturing the users caught between rising demand and tightening capital controls.
The next frontier in finance is brokering the unbrokered.
Had a lot of convo with the "equity refugees" after Beijing blocking mainland users of Futu and Tiger from trading US assets, even forcing divestment on a deadline. This is exactly the kind of moment that creates massive openings for founders building permissionless access rails.
And this won’t be the last one. As sovereign powers keep decoupling from the global monetary order, and from the USD’s grip over asset issuance and distribution, the next frontier in finance is no longer just banking the unbanked. Stablecoins, blockchain payment rails, and Bitcoin have already pushed that frontier forward for the last 15 years. The next one is brokering the unbrokered.
As AI compresses the value of human brain-time, wealth preservation will come less from paycheck accumulation and more from productive asset accumulation. That’s why tokenization matters, not as another crypto wrapper, but as a new market infrastructure layer.
Founders building onchain equities, RWA perps, tokenized brokerage, or the liquidity / clearing / collateral layer underneath it, DMs are open
Ironically, just as one of the ETH OGs exited, BitMine spent another $240M buying ETH last week.😂
It’s a microcosm of crypto shifting into CeDeFi. We’re at the inflection point to witness a new consensus building in the chaos.
The game isn’t over but moving into an uncharted phase.
Yesterday, FUTU and TIGR collapsed over 40%.
With 8 departments coordinating, the goal is to uproot the entire stack: brokers, intermediaries, domestic operators, content platforms.
Meanwhile, “crypto is brokering the unbroked” is shifting from thesis to reality.
It’s not a sudden event but a nearly 5-year regulatory squeeze that the market refused to price in.
The roots of this all trace back to 2021. ⏬
Crypto is the best venue to absorb the capital form these ~1M users.
Over the past year, crypto markets have been able to trade a wide range of RWAs, including FX, equities, commodities, pre-IPOs, and more.
The maturation of tokenized equity and perp DEXs has opened up trading venues more diverse and accessible than ever before. Price discovery for every asset is migrating on-chain.
While every exchange is racing to list Pre-IPO $SPCX, @tradexyz has quietly become the #2 Perp DEX. And it’s a sub-project buit on HIP-3.
Crypto users on Web3 platforms would rather trade Web2 tickers than crypto assets.
We once said DeFi would disrupt traditional finance, but now it looks like DeFi needs TradFi more than ever to survive.
Superior liquidity, frictionless accessibility, and yield bearing
this is the tGLD gold standard
Tenbin's first asset is live.
Introducing Tenbin Gold (tGLD): Liquid, Yield-bearing Tokenized Gold.
Built for instant on-chain liquidity with DeFi utility.
app.tenbinlabs.xyz
Clearing infrastructure is one of the deepest and least appreciated layers in financial stack. As stablecoins, trading firms, and onchain finance scale, crypto will need its own native clearing stack.
That's why we're excited about @cyclesmoney building a privacy-preserving clearing network for the next generation of monetary coordination
We’ve raised $8.7M to bring clearing to the masses. Our new round was led by Blockchange to work on the most powerful idea in finance.
It’s not just about moving money faster & cheaper; it’s about moving less while doing more.
Through every bull and bear cycle, we've kept backing the founders who look extremely weird but have a real shot at reshaping the industry.💪
If you missed the live earlier, go back and watch how @DoveyWan unpack Primitive's core investment thesis and share her take on the current market.
📺 Binance Square: app.binance.com/uni-qr/cspa/…
Watch live here NOW! 🔥
👇
app.binance.com/uni-qr/cspa/…
"Long substance, short status."
In 10 hours, our founder @DoveyWan joins @binance for Episode 8 of Inside the Blockchain 100.
A deep dive into the themes shaping this cycle:
→ DeFi × CeFi convergence
→ Stablecoins as financial rails
→ How Primitive's investment thesis is evolving
📅 May 19 · 13:00 UTC
📺 Live on Binance Square
Set your reminder🔔
"Long substance, short status."
In 10 hours, our founder @DoveyWan joins @binance for Episode 8 of Inside the Blockchain 100.
A deep dive into the themes shaping this cycle:
→ DeFi × CeFi convergence
→ Stablecoins as financial rails
→ How Primitive's investment thesis is evolving
📅 May 19 · 13:00 UTC
📺 Live on Binance Square
Set your reminder🔔
We’re excited to co-host an intimate VVIP dinner with @OndoFinance and LTP @LTP_primebroker in HK this week, bringing together deep pockets capital allocators & leaders across TradFi, DeFi and RWAs trading and issuance
If you’re in town and building at the frontier of institutional-grade finance onchain, join us:
luma.com/OndoxLTPxPrimitive
seats a very limited in capacity please reach out to @YettaSing for more inquiry