The US faces a debt crisis that threatens to undermine its economic stability and global leadership. The national debt has surpassed US$30 trillion, and interest payments are projected to become the largest expenditure by 2051, surpassing even Social Security.

The debt-to-GDP ratio is expected to rise to 136 per cent by 2028, a level that many economists consider unsustainable. The causes of this fiscal imbalance are manifold, but they include wars, recessions, tax cuts, pandemic relief, and infrastructure spending. The consequences could be dire, as the US could face higher borrowing costs, lower growth, reduced public investment, and diminished credibility.

In this context, the crypto industry offers a potential alternative to the traditional financial system, one that is more decentralised, transparent, and innovative. Crypto assets, such as Bitcoin and Ethereum, are powered by blockchain technology, which allows for peer-to-peer transactions without intermediaries.

Crypto platforms, such as Coinbase and Binance, provide users with access to a variety of digital assets and services, such as trading, lending, staking, and gaming. Crypto enthusiasts argue that crypto can empower individuals, foster innovation, and create new economic opportunities.

However, the crypto industry also faces significant challenges, especially in the US. The regulatory environment for crypto is unclear, inconsistent, and hostile. The Securities and Exchange Commission (SEC) has sued several crypto platforms, such as Coinbase and Binance, for allegedly operating illegally as brokers, exchanges, and clearing agencies without proper registration.

The SEC has also rejected numerous proposals for crypto exchange-traded funds (ETFs), which would provide investors with easier access to crypto assets. The SEC claims that it is protecting investors from fraud and manipulation, but many in the crypto industry accuse it of stifling innovation and creating uncertainty.

Coinbase, the largest crypto exchange in the US with over 100 million customers and billions of dollars in daily trading volume, has launched a campaign to bring regulatory clarity to the crypto industry in the US.

The campaign, dubbed “Stand With Crypto,” urges the 52 million Americans who own crypto to contact their government representatives and push for an overhaul of the financial system and a clear regulatory framework for digital assets.

Coinbase argues that the current “enforcement only” approach by the SEC is putting jobs, innovation, and global leadership at risk. Coinbase calls for legislation that allows fair rules for the road to be developed transparently and applied equally.

They are also expanding their presence in other jurisdictions that have more favourable regulations for crypto. Coinbase announced that it obtained registration with the Bank of Spain to act as a crypto exchange and custodian wallet provider.

Also Read: Navigating the evolving landscape of blockchain regulation in the metaverse era

This follows similar registrations in Germany and Ireland earlier this year. Coinbase said that it is “encouraged” by regulatory developments in the European Union and UK and will continue to invest in Europe and the UK. Coinbase hopes to offer its customers more products and services in these markets, such as crypto ETFs.

Coinbase is not alone in seeking regulatory clarity and diversification. Many other crypto platforms are looking outside the US for growth opportunities. For instance, Binance has established regional subsidiaries in Singapore, Australia, Jersey, Uganda, and Brazil. Kraken has applied for a banking license in Wyoming. Gemini has partnered with a UK bank to offer crypto savings accounts.

The US government should take note of these developments and reconsider its approach to crypto regulation. The US has the potential to be a leader in the crypto space, but it risks losing its competitive edge if it continues to stifle innovation and create uncertainty.

The US should embrace crypto as an opportunity rather than a threat and work with the industry to create a balanced and clear regulatory framework that protects investors while fostering innovation. The US should also address its debt crisis before it becomes too late and hard. Crypto could be part of the solution rather than part of the problem.

How crypto can help solve the debt crisis

Crypto can help solve the debt crisis in several ways. First, crypto can provide an alternative store of value and hedge against inflation. As the US government prints more money to finance its spending, the value of the dollar could decline, and inflation could rise.

This would erode the purchasing power of savers and investors and increase the cost of living. Crypto assets, such as Bitcoin, have a limited supply and are not controlled by any central authority. They can preserve their value and offer protection against currency devaluation and inflation.

Second, crypto can enable more efficient and inclusive financial services. The traditional financial system is plagued by high fees, slow transactions, intermediaries, and barriers to entry. Many people are unbanked or underbanked, meaning they lack access to basic financial services, such as savings, credit, and insurance.

Crypto platforms, such as Coinbase, Bybit and Binance, can offer low-cost, fast, and secure transactions without intermediaries. They can also provide access to a variety of digital assets and services, such as lending, staking, gaming, and NFTs. Crypto can empower individuals, especially those in developing countries or marginalised communities, to participate in the global economy and improve their financial well-being.

Also Read: Women In Blockchain Asia takes bold steps to boost diversity, inclusion in the industry

Third, crypto can foster innovation and growth. The crypto industry is one of the most dynamic and creative sectors in the world. It attracts talent, capital, and ideas from diverse backgrounds and disciplines.

It constantly experiments with new technologies, protocols, and applications. It creates new markets, products, and business models. Crypto can drive innovation and growth in other industries as well, such as energy, healthcare, education, and entertainment. Crypto can also generate tax revenues and jobs for the US government and economy.

Final thoughts

The US is facing a debt crisis that could have serious consequences for its economic stability and global leadership. The crypto industry offers a potential alternative to the traditional financial system, one that is more decentralised, transparent, and innovative.

However, the crypto industry also faces significant challenges in the US due to unclear, inconsistent, and hostile regulation. Coinbase has launched a campaign to bring regulatory clarity to the crypto industry in the US and has expanded its presence in other jurisdictions that have more favourable regulations for crypto.

The US government should take note of these developments and reconsider its approach to crypto regulation. The US should embrace crypto as an opportunity rather than a threat and work with the industry to create a balanced and clear regulatory framework that protects investors while fostering innovation.

The US should also address its debt crisis before it becomes too late and hard. Crypto could be part of the solution rather than part of the problem.

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On September 28, 2023, a panel discussion on on-chain data and Web3 security was held at the Singapore Management University (SMU).

The panel was moderated by Prof. Feida Zhu, a professor of information systems and co-director of the SMU Blockchain Lab.

The panellists were Aby Huang, CEO of SlowMist, a leading blockchain security company; Neal, CEO of BugRap, a decentralised bug bounty platform; Anndy Lian, advisor of Bybit, a global cryptocurrency exchange; and Xiaolin Wen, a research scientist at SMU.

The panellists shared their views and experiences on how on-chain data analytics can help improve the security measures of blockchain networks, detect and prevent fraud and security breaches, identify and mitigate vulnerabilities in Web3 applications, and communicate the results of data analysis to users and decision-makers.

How can on-chain data analytics help improve the security measures of blockchain networks?

On-chain data analytics refers to the process of collecting, processing and analysing data that is stored on the blockchain. On-chain data can provide valuable insights into the behaviour, performance, and security of blockchain networks.

Huang explained that on-chain data analytics can help improve the security measures of blockchain networks by providing real-time monitoring, risk assessment, and alerting. He said that on-chain data analytics can help detect anomalies, such as abnormal transactions, contract calls, or gas usage, that may indicate potential attacks or vulnerabilities.

He also said that on-chain data analytics can help assess the security level of smart contracts, tokens, dApps, and protocols using various indicators, such as code quality, audit results, governance mechanisms, and community trust.

Neal agreed that on-chain data analytics can help improve the security measures of blockchain networks by providing transparency and accountability. He said that on-chain data analytics can help verify the correctness and integrity of smart contracts and transactions using cryptographic proofs and consensus mechanisms. He also said that on-chain data analytics could help incentivise good behaviour and deter bad behaviour using economic models and game theory.

Also Read: Industry veteran Marc Mercuri on how blockchain revolutionises gaming for players, creators

Lian added that on-chain data analytics can help improve the security measures of blockchain networks by providing feedback and improvement. He said that on-chain data analytics can help measure the performance and efficiency of blockchain networks by using metrics such as throughput, latency, scalability, and cost. He also said that on-chain data analytics can help identify the pain points and bottlenecks of blockchain networks by using benchmarks and comparisons.

Wen concluded that on-chain data analytics can help improve the security measures of blockchain networks by providing intelligence and innovation. He said that on-chain data analytics can help discover new patterns and insights from blockchain data using advanced machine learning, natural language processing, and graph analysis.

He also said that on-chain data analytics can help create new solutions and applications for blockchain security by using interdisciplinary approaches such as cryptography, software engineering, and human-computer interaction.

How on-chain data analytics can help with the early detection of fraud or prevent security breaches?

The panellists shared some examples of how on-chain data analytics can help with the early detection of fraud or prevent security breaches in the blockchain space.

Huang said they actively monitor and investigate hacking incidents in the blockchain ecosystem. They have a comprehensive security monitoring system that protects their clients from past and future incidents. SlowMist assisted in many security breaches, including the recent incident with Mixin involving US$200 million of crypto assets.

Anndy Lian added that education is the key. Not many people know about crypto. They certainly do not understand how to secure their platforms and assets better. He also mentioned that platforms like SlowMist should reach out to more users to let them know they have a free live monitoring system that could save them from losing millions.

Also Read: Blockchain beyond borders: A dive into global collaboration and innovation

Zhu predicted that with advances in on-chain analytics, Web3 security measures will evolve in several aspects. He said that Web3 security measures will become more proactive than reactive, meaning that they will focus more on preventing attacks than responding to attacks after they happen.

He said that Web3 security measures will also become more adaptive than static, meaning that they will adjust to changing conditions and threats rather than relying on fixed rules and parameters. He said that Web3 security measures will also become more collaborative than isolated, meaning they will involve more coordination and cooperation among different stakeholders rather than relying on individual efforts.

Conclusion

The panellists agreed that on-chain data analytics has unique advantages in transaction intent discovery because it can leverage the rich and diverse data available on the blockchain. They said that on-chain data analytics can use various techniques such as graph analysis, network analysis, community detection, and link prediction to analyse information from the transaction data, such as the relationship, structure, or dynamics of the transaction network.

They said that on-chain data analytics can also use various techniques such as game theory, behavioural economics, social psychology, and decision theory to understand information from the transaction data, such as the strategy, preference, or emotion of the transaction participants.

This event was organised by Moledao and was held in conjunction with an MOU signing with SMU and SlowMist.

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17 years ago, I stopped working for big, established conglomerates and took a job working for what I thought was an unknown US company with offshore operations in the heart of Ortigas. That was when I first heard the term “startup”. 

Almost two decades later, I got exposed to thousands of startups’ fundraising deals, especially after I founded FullSuite nine years ago. As money comes and goes into the startup’s war chest, one question remains consistent: “How will the money actually get spent?” Or, when startups are nearing the end of their runway, “Where did the money go?”

In love, as it is in business, there is no one-size-fits-all roadmap to success. An accountant at heart, I always gravitate towards the hows and whys. Why do most startups crash and burn, even after raising a lot of funds? How on earth did they burn through all that money?

The twists and turns on my journey in the startup world led me to a single epiphany: Capital allocation is the invisible hand that steers any business venture towards success or failure. 

Also Read: This founder’s story is the only optimism you need amidst the upcoming tech slowdown

While many view capital allocation as a science, it is, in fact, an art, one governed by principles rather than hard and fast rules. Below are my top five takeaways, influenced by what I learned, having seen thousands of startups raise funds only to crash and burn, leaving a chosen few thriving and eventually exiting.

#One: Practice visionary investment

Strategically allocate funds to initiatives that align with the company’s long-term vision.  Though there are many ways to skin the cat, not all are cost-efficient. Focus on investing your early funding proceeds into serving a niche sector of your target market versus trying to speak to a wide customer base.    

In its earliest days, Slack initially targeted tech-savvy teams and developers before expanding to a broader audience. This focus allowed them to establish a strong foothold within the tech industry, and from thereon, they expanded to various other sectors. The same holds for Dropbox, as it started by targeting tech enthusiasts and early adopters, offering a solution for easy file sharing. Their initial user base provided valuable feedback and insights, allowing them to refine their product before reaching a wider market. 

In both instances, they focused on improving their product and services to a niche target audience, protecting their capital from being spent on initiatives that would otherwise spread them thin if they tried to capture a larger set of customer persona.

#Two: Balance risk and reward

Every decision in business involves a tradeoff. It’s essential to tread a path where costs can be measured effectively, allowing you to maximise your resources. For example, if your organisation is remote, hiring talents from low-cost countries for non-core activities can be a strategic way to stretch your budget further. Balancing risk and reward is not about avoiding risk altogether but making calculated decisions that align with your overall business strategy.

For example, Robinhood introduced commission-free trading, aiming to make investing accessible to a wider audience.  While challenging the conventional revenue model of brokerage firms was risky, Robinhood’s user-friendly platform and gamified approach attracted a new generation of investors.  

#Three: Timing matters

In the fast-paced world of startups and entrepreneurship, timing can be everything. Being mindful of where you invest your time and resources is critical. Prioritising “must-haves” over “nice-to-haves” ensures you don’t exhaust your resources on peripheral features or technologies before hitting product-market fit. Such precision in timing can make or break your business growth.

Timing is best seen in the ride-hailing industry. When Grab first launched in the Philippines, it did so as GrabTaxi, focusing on taxi-hailing at a moment when traditional taxi services were facing criticism for price gouging, bad service, and other issues. Only several years later did the company launch its ride-hailing service with private cars, which was also timed well. More Filipinos had disposable income to spend on ride-hailing and the need for convenient and clean transportation in urban areas. By launching both services with impeccable timing, Grab quickly became the market leader. 

Also Read: How to create harmony between work and life as a Founder

#Four: Make data-driven decisions

Measurement is the first step towards improvement. Gaining insights into where and how your capital gets spent enables better spending behaviour. Analysing data to evaluate the need for investments, such as productivity monitoring tools, can save unnecessary expenses. Embracing a data-driven culture promotes a proactive approach to decision-making, where choices are rooted in facts rather than assumptions.

Netflix is one of the businesses where its operation is driven almost entirely by data insights. It uses data analytics to analyse user behaviour, preferences and content consumption patterns to personalise recommendations and optimise content production. On the other hand, Instacart employs data to optimise grocery delivery routes, enhance supply chain efficiency and provide personalised shopping recommendations for users.  

In both cases, making sense of the data available and allowing it to be an integral part of their decision-making allows these companies to smartly allocate capital to initiatives that can provide the highest probable upside.

#Five: Synergise partnerships

Strategic alliances with complementary partners can amplify your business’s impact and potential for growth. Outsourcing a part of your operations early on can result in cost savings of up to 80%. Collaborative partnerships allow for a seamless allocation of resources, enabling a swift market capture without the challenges of growing your team at the expense of your runway.

Shopify, an e-commerce platform, offers an app store that integrates third-party tools to enhance its functionalities versus developing them in-house. By partnering with external developers, Shopify has extended its capabilities and catered to diverse merchant needs without investing heavily in homegrown feature development, which requires major investments. 

Data analytics company Aumni started its footprint in the Philippines by working with my company, FullSuite, during its earlier days before spinning off its own separate company in the Philippines and being acquired by JP Morgan this year. 

Practicing these principles

In the intricate landscape of capital allocation, startups hold the brush to paint their path to success. Each decision shapes its trajectory, driven by a clear vision and strategic direction. Taking note of these five pillars, startups can adeptly navigate the intricacies of capital allocation, sculpting their path to growth and achievement.

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Developing and executing a marketing strategy is just as important as the product development itself. For startups and small businesses, there are unique aspects that founders must consider in order to create a successful one for their companies.

According to our sources, Handmade Heroes founder Lynsey Lim and IQM Quantum Computers Head of Asia Pacific Business Raghunath Koduvayur, these differences range from budgeting to speed of execution.

“There are many differences as there are a lot of moving parts and uncertainties. In a startup, things are always changing around product, budget, resources, and customer understanding, to name a few. A startup marketing team is also trying to communicate to a diverse set of audiences, including customers, partners, investors and so on,” Koduvayur says.

“Tailoring campaigns to a niche audience maximises impact while minimizing costs,” Lim says. “Social media is also a budget-friendly tool; creating organic content aligned with audience interests, like blog posts and infographics, enhances engagement. Encouraging user-generated content and collaborating with micro-influencers further amplify reach and credibility.”

The two sources share in an email interview with e27 the strategy that they are using to market their products—and what goes behind it.

It started with understanding the factors that make a good marketing strategy.

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“A good startup marketing strategy maximises your strengths, rallies your organisation towards a common direction and should also work towards different target groups – investors, analysts, media, prospective employees and others,” Koduvayur says.

“Clarity in planning, thinking and execution with well-defined goals that align with the overall business plans makes for a good marketing strategy.”

“For Handmade Heroes, a good marketing strategy is one that is effective, ethical, and sustainable. It should be based on a deep understanding of your target audience, their needs, and their pain points. It should also be consistent in messaging and branding and have a long-term vision for brand building,” Lim says.

“A good marketing strategy should also be flexible and adaptable. The market is constantly changing, so your marketing strategy needs to be able to change with it. You also need to be able to adapt your strategy to different channels and platforms.”

Working on a marketing strategy

When it comes to building a marketing strategy, despite differences in execution, Koduvayur points out that there are principles that every kind of company shares, regardless of their size: Understanding customer needs, market research, business objectives, unique value proposition, measure, and optimise.

Also Read: 

“For example, at IQM Quantum Computers, we were very clear from the beginning that we wanted to sell our products to high-performance computing centres and national research labs. What made it difficult is the long sales cycles, complex product and customer readiness to purchase expensive quantum systems,” he says.

“In our marketing, we made strategic choices around – product marketing, branding, events, media relations, analyst relations and content marketing. These choices and disciplined execution have helped us accelerate our leadership journey from a small startup in Finland to becoming a global leader in quantum computing.”

As a company that sells skincare products through online channels, Handmade Heroes’s marketing strategy is built around two key approaches. “First, we prioritise content creation, crafting engaging and informative posts on social media platforms. This strategy helps us connect with our audience, share our brand’s story, and present our products in compelling ways.”

“Additionally, as we retail on Amazon.com, we’ve embraced pay-per-click (PPC) advertising. This avenue enables us to extend our reach to a broader audience and direct traffic to our products. These combined efforts shape our effective marketing approach.”

Koduvayur and Lim share examples of successful marketing strategies from their own businesses.

“Over the last three years, our marketing strategy was to sell on-premises quantum computers to high-performance computing centres and national research labs. Our differentiators were systems with the best performance, full access to the hardware, co-located, which are upgradeable in the future,” Koduvayur begins.

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“We started with two marketers in 2020, and now we have built a team of six marketers (the company has grown from 20 employees to almost 300 employees). Still, almost all of our marketing work is done in-house with zero agency costs and very minimal paid marketing spend.”

Koduvayur highlights that the company’s strategy is tightly aligned with its business strategy to become a global technology leader. “We made strategic choices around product marketing, branding, analyst relations, investor relations and leadership communication.”

Lim shares how a successful campaign helps the company build an image of a skincare brand that fosters confidence and embraces unique beauty. “We mirror this in our campaigns, spotlighting everyday women as heroes of their lives. An instance is our ‘Heroes like Her’ and ‘Beauty Warrior’ campaigns emphasising self-care’s strength and the hero within everyone.”

An endless learning process

For founders who wish to learn more about creating and executing a good marketing strategy, Koduvayur and Lim share resources, tools, and opportunities that founders can use to learn more about this.

“Find good startup mentors, join an entrepreneurs’ network or mentoring programme … and hire a marketer as one of your first employees. Building a brand is equally important as building a great product, and you cannot build a successful startup with one without the other,” he explains.

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He also warns founders to stay away from “vanity” and irrelevant metrics. “At IQM, for example, we follow the social media metrics, but our marketing team is measured for sales. There is no shortcut to building a successful startup brand, and agencies alone can’t fix it for you.”

Lim sees learning opportunities that can be found in various online channels such as YouTube, podcasts, and webinars.

“Amazon Global Selling has an Amazon Seller University with vast resources and webinars to help new entrepreneurs learn,” she closes.

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Image Credit: RunwayML

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Flux Series: Marketing Leaders is happening at the St. Regis in Jakarta, Indonesia, on 15 November 2023. Are you working in the field of marketing? Don’t miss out on this focused and curated event designed especially for marketing professionals!

Get your tickets to Flux Series: Marketing Leaders today!

Partnerships are the linchpin of success in any venture, and the upcoming Flux Series: Marketing Leaders event epitomises this belief. It provides an exclusive platform for industry pioneers to engage in immersive learning sessions. It offers access to crucial industry knowledge and strategies to drive sustainable growth and profitability for your brand.

Set against the elegant backdrop of the St. Regis in Jakarta, Indonesia, on November 15, 2023, the inaugural Flux Series promises to unite influential marketing leaders with a mission: to deliberate, brainstorm, and craft actionable strategies for optimising marketing endeavours through AI-driven innovations and cutting-edge technology, all aimed at achieving new marketing milestones for your company.

What participants can look forward to at the Flux Series: Marketing Leaders

At Flux Series: Marketing Leaders, attendees can expect insightful keynotes, dynamic panel discussions, and hands-on workshops covering an array of topics in the intricate world of marketing. These sessions will explore harnessing artificial intelligence to bolster marketing initiatives, deepen customer connections, and delve into the latest tech trends.

Sponsors play a crucial role in the success of Flux Series: Marketing Leaders on multiple fronts. Firstly, they provide diverse forms of support and coverage to enhance the event experience for participants.

Also read: Engage your peers in roundtable discussions at Flux Series

Furthermore, sponsors bring a wealth of expertise and insights, offering attendees exclusive benefits. Sponsors broaden the event’s reach through their extensive networks and marketing channels, providing valuable insights to a wider audience.

The presence of sponsors at the event is equally significant. It creates invaluable networking opportunities for attendees to familiarise themselves with the products and services on offer. This aspect perfectly aligns with the core purpose of the Flux Series — to serve as a curated gathering for marketing leaders, facilitating connections between all stakeholders.

By championing Flux Series: Marketing Leaders, participants can engage with fellow marketing professionals, gaining access to industry best practices and actionable wisdom, ultimately forging new partnerships and collaborations poised to drive business growth and success.

The important role of sponsors

With Flux Series: Marketing Leaders taking on the ambitious task of providing a platform for industry insiders to share expert insights on the latest trends in AI, sponsors and partners that are equally committed to our mission play a significant role. With that, here are the official sponsors that will be at Flux Series: Marketing Leaders in Jakarta this November 15, 2023.

• CleverTap – CleverTap is an All-In-One customer engagement platform that unifies interactions between people, processes and technology. CleverTap is built to convert customers into customers for life with in-moment experiences designed and optimised for scale, in real-time. They enable brands to create truly cross-channel experiences, transcending boundaries between channels, journeys, and outcomes. CleverTap is on a mission to be the ultimate growth partner, providing businesses with the insights they need to truly understand their customers and deliver.

• Braze – Braze is a leading comprehensive customer engagement platform that powers interactions between consumers and the brands they love. With Braze, global brands can ingest and process customer data in real-time, orchestrate and optimise contextually relevant, cross-channel marketing campaigns and continuously evolve their customer engagement strategies. Braze has been recognised as one of Fortune’s 2023 Best Workplaces in New York, 2023 UK Best Workplaces for Women by Great Place to Work, and Fortune’s 2022 Best US Workplaces in Technology. The company is headquartered in New York with 10+ offices across North America, Europe, and APAC.

• Digimind – Digimind is the global leader in AI-Powered social listening platforms and market intelligence software, designed for brands and agencies who want to accelerate digital transformation through an insights-driven approach. Recognised by Forrester and Gartner, Digimind’s best-in-class technology transforms social and online data into actionable business insights, enabling marketers to effectively plan, execute, and analyse their marketing strategy.
  
  Digimind is based in New York, Paris, Singapore, Grenoble, and Rabat, serving more than 800 customers worldwide including LinkedIn, Sony, McCann Worldwide, and Lexus.

1. Adjust – Adjust is a global B2B SaaS company. Born at the heart of the mobile app economy and grown out of a passion for technology, the company now has 16 offices around the world.
   
   Adjust’s platform includes measurement, fraud prevention, cybersecurity and marketing automation products. Together, they make marketing simpler, smarter and more secure for the 32,000 apps working with Adjust. Global leading brands including Procter & Gamble, Rocket Internet and Tencent Games have implemented its solutions to secure their budgets and improve results.

Meet these companies and more at Flux

The Flux Series: Marketing Leaders event transcends traditional learning settings with its thoughtfully curated array of growth-focused content stages. These stages serve as dynamic arenas where participants acquire invaluable expertise in maximising marketing endeavours through disruptive technologies and the potential of AI. Attendees engage in interactive knowledge-sharing led by industry leaders, benefiting from their expertise and insights. Covering everything from deciphering AI-driven tools to unveiling game-changing marketing tactics, these content stages are tailored to furnish marketers with practical insights easily integrated into their business strategies.

Also read: 5 common challenges marketing professionals face today

For marketing leaders aiming to elevate their company’s marketing goals, Flux Series: Marketing Leaders is a must-attend event. Join us in Jakarta on November 15, 2023, for a day of insightful discussions, interactive workshops, and unparalleled networking opportunities that will reshape the way you approach marketing in the digital age.

Join the Flux Series or become our partner and be a driving force in the AI-powered marketing revolution. To learn more about the event, you may visit the official Flux Series: Marketing Leaders page.

Get ready to embark on a journey that will not only deepen your understanding of AI-driven marketing but also equip you with the actionable insights needed to thrive in the dynamic world of modern marketing.

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Vietnam has more than 16.6 million people who own cryptocurrency, ranking second in ASEAN after Thailand.

Vietnam is the world’s leading country in cryptocurrency adoption for 2021 and 2022. Vietnam is also the country with the second largest percentage of cryptocurrency holders in ASEAN after Thailand and is one of the top five countries in blockchain.

According to the Vietnam Crypto Market Report 2022, Vietnam has more than 200 active blockchain projects, spanning many fields and developing mainly in GameFi, DeFi and NFT, web3, infrastructure, and wallets.

According to Data.ai, on average, every day, Vietnamese people spend 3.9 hours playing games, 10 per cent higher than Americans. Vietnam also has five names in the list of the top 10 largest game publishing companies in Southeast Asia, Australia, and New Zealand (ANZSEA), including Amanotes, OneSoft, GameJam, VNG, and Arrasol. The number of blockchain game projects accounts for the majority, about 28.8 per cent, of the Vietnamese Crypto market.

The recently released Vietnam Crypto Market Report 2022 by Coin98 Insights shows that, in the Vietnamese market, DeFi projects are still in the early stages of development, not focusing much on finding revenue and profits.

However, this is also a segment with attractive revenue, accounting for 38 per cent of the total market revenue in the first 8 months of 2022. The DeFi segment accounts for 26 per cent of the Vietnamese crypto market with prominent DeFi projects.

Bright spots about Vietnam’s blockchain

It is not difficult to cite Vietnam’s bright spots on the world blockchain map. Among them, a special mention is the game Axie Infinity developed by Sky Mavis — a game studio headquartered in Ho Chi Minh City, co-founded by CEO Nguyen Thanh Trung (born in 1992) and four other people.

Also Read: The Vietnamese market and Apple Pay: Excellent support or just unmet expectations?

Axie Infinity has become a global technology phenomenon by attracting hundreds of thousands of gamers from all over the world. As of the afternoon of March 29, Axie Infinity had a capitalization value of AXS coin of about US$4 billion (according to Coinmarketcap.com), but before that, there was a time when the capitalisation of AXS coin also jumped to over US$10 billion — and became the most expensive blockchain game of all time.

Representatives of Axie Infinity also attended Binance Blockchain Week. Not only this very famous game but a series of other startup projects in blockchain technology, such as Thetan Arena, Coin98, and Elemon, also made a strong impression. 

Coin98 Finance, a decentralised finance (Defi) ecosystem, is not only famous in Vietnam but also in the world, participating as one of the core contributors. Thereby, representatives of this ecosystem want to convey the right messages and a realistic view of how the blockchain market, in general and the decentralised finance sector, in particular, are developing.

As one of Vietnam’s successful projects, contributing a lot to the world blockchain, a Coin98 Finance representative shared that blockchain, Crypto, or DeFi are all in the completion stage to serve the mass market.

Each individual and organisation participating in the market, in addition to finding profitable investments, also has the responsibility to contribute to the development of the entire industry. Coin98 is proud to be one of the Vietnamese projects contributing to Binance Blockchain Week 2022.

Evaluating blockchain development in Vietnam, Lynn Hoang, a representative of Binance Southeast Asia, said that Vietnam ranks in Binance’s top 10 markets across many product lines. In 2021, the Vietnamese blockchain community has reaped many sweet fruits.

Among them, many projects built by Vietnamese people have become global symbols in several fields. According to Hoang, in the past, due to many objective and subjective reasons, Vietnam was often behind the world in technology. But now, blockchain technology is making Vietnam a leading country in a new field.

Blockchain has gradually become a pillar of technology in Vietnam

A representative of the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) also mentioned some challenges in applying blockchain for banks. Accordingly, there must be barriers to investment in technology infrastructure and integration.

Also Read: The wave of layoffs in 2023 and the Vietnamese market

High research and infrastructure investment costs, along with the need to integrate and synchronously convert with other systems and infrastructure, require time to edit the system and optimise costs to ensure business performance and information security and safety.

Blockchain platforms require banks and bank customers to pay service fees, making expanding the customer portfolio and service efficiency on the blockchain platform challenging.

Besides, the ability to expand networks and connect multilaterally is a need of many banks. Only when the blockchain network is truly large enough to connect subjects, including subjects in countries worldwide, can transactions proceed smoothly and completely.

A representative of the Blockchain Association said that in some forums, the lack of legal basis had been raised as a main obstacle to applying blockchain technology. However, there are very few opinions that specifically state what the legal obstacles to the application of blockchain technology are and how to amend them to facilitate the application of blockchain technology.

Most ideas for applying blockchain technology focus on digital assets, digital currency, and capital mobilisation. These are very high-risk areas, so it is necessary to build a Sandbox mechanism for testing. To protect this aspect, the Government has assigned the Ministry of Finance, the Ministry of Justice, and the State Bank to coordinate research, proposals, and implementation.

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In recent years, we’ve witnessed a remarkable trend among successful entrepreneurs — many of them are choosing to become philanthropists, directing their resources and influence toward education. This shift signifies a profound evolution in the entrepreneurial mindset, one that recognises the transformative power of education in shaping lives and societies.

The changing face of philanthropy

Entrepreneurs have traditionally been known for their pursuit of profit and innovation, and while these goals remain central to their endeavours, many are now driven by a profound sense of social responsibility.

This transformation is partly due to a growing understanding of the critical role education plays in addressing societal challenges and fostering economic growth. Entrepreneurs recognise that the impact of their ventures extends far beyond profit margins; it extends to communities, individuals, and the world at large.

One such entrepreneur-turned-philanthropist is the legendary NBA superstar Shaquille O’Neal. In a recent TechCrunch article, he discussed his investment in the edutech sector, underlining his commitment to investing in things that will “change people’s lives”.

Also Read: Beyond the classroom: How education companies are rewriting the rules with relationships

O’Neal’s transition from the basketball court to the boardroom and philanthropy underscores the broader shift occurring among entrepreneurs who are increasingly drawn to education as a means of driving meaningful change.

A legacy of learning

Few figures epitomise this transition better than Bill and Melinda Gates. The Gates Foundation’s extensive work in education spans from improving K-12 education in the United States to addressing global challenges like literacy and access to quality education. Their commitment to education reform has not only shaped educational policies but has also fostered innovation in teaching and learning.

Similarly, Mark Zuckerberg and Priscilla Chan, through the Chan Zuckerberg Initiative (CZI), have made education a cornerstone of their philanthropic efforts. CZI is dedicated to advancing human potential and promoting equal opportunity, with a significant focus on personalised learning, supporting educators, and addressing systemic barriers to quality education.

Our latest initiative, Open Campus, has recently unveiled a US$10 million investment initiative aimed at providing crucial support to the next generation of 100 education-focused startups. These startups are committed to addressing pressing challenges in emerging markets, where access to high-quality learning experiences is often limited.

By combining resources and expertise, Open Campus seeks to bridge gaps in digital skills, offer cutting-edge upskilling programs in areas like AI and Web3, and create new career opportunities for learners looking to thrive in today’s ever-evolving world.

Forging strategic alliances

Education entrepreneurs possess a unique opportunity to harness philanthropy as a catalyst for the growth of their ventures. By aligning their educational goals with the values and interests of philanthropic investors, partners, and even consumers, you can unlock new avenues of support and collaboration.

One way to start is by seeking out like-minded investors who are passionate about the educational cause you’re championing. Share your vision and mission with them, demonstrating how their contributions can make a meaningful impact on the future of education.

Also Read: How the metaverse opens new opportunities for education

Collaborative partnerships can also be instrumental in advancing educational endeavours. Look for organisations or businesses that share your passion for education and explore mutually beneficial projects or initiatives. These partnerships can not only infuse resources but also bring fresh perspectives and expertise to the table, enriching the educational experiences you offer.

Additionally, consider engaging consumers as active participants in your philanthropic efforts. For instance, you could implement a “buy one, give one” model, where for every product or service purchased, a portion goes towards providing educational resources to underserved communities. This not only resonates with socially conscious consumers but also amplifies your impact while fostering a loyal customer base.

Looking forward

The transformation of entrepreneurs into philanthropists, particularly in the realm of education, reflects a profound shift in the values and priorities of business leaders. As exemplified by individuals like Shaquille O’Neal, Mark Zuckerberg, Bill and Melinda Gates, the commitment to reinvesting in education is driven by a shared belief in the power of learning to shape the future.

Remember that philanthropy isn’t solely about financial donations; it’s also about building a community of supporters who share your educational vision. By nurturing these connections and embracing collaborative philanthropy, education entrepreneurs can fuel the growth of their businesses while making a lasting impact on the world of learning.

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When COVID-19 broke out and lockdown came into effect, Meredith DePaolo, her husband Hamel Shah, and their two daughters were confined to the four walls of their home in Kuala Lumpur.

The couple noticed considerable behavioural changes in their kids as they spent their whole day on screens for education, socialisation, and recreation. The Shahs tried Apple Screen Time and some other parental controls on the devices, but these features didn’t consider how the device use affected kids’ behaviour.

“We wanted something better,” DePaolo tells e27. “Just like a parent would never serve a plate of broccoli alongside a giant slice of cake, you can’t hand a child a device with DuoLingo and TikTok and expect him or her to have the self-discipline to do any learning.”

Also Read: Beyond the classroom: How education companies are rewriting the rules with relationships

This motivated DePaolo and Shah to develop Carrots&Cake, an app focused on improving the quality of kids’ screen time.

Shah, a Cambridge University and INSEAD graduate from Britain, is a serial entrepreneur and founder of 101Candles, Amiri Capital, and Azimuth Global Partners. DePaolo, a Yale University graduate from the US, worked as a screenwriter and producer for two cable startups (subsequently acquired by CBS and NBC Universal). The couple came to Malaysia about 15 years ago for a six-month work stint but fell in love with the country and stayed back.

‘Eat the vegetables before the dessert’

Based out of Kuala Lumpur, Carrots&Cake is a parental control learning app that gets kids to learn first and play later. The app is based on the age-old parenting adage ‘eat your vegetables before your dessert’.

“Most parental control apps are one-sided; parents impose them on kids. Sometimes, those apps spy on kids’ private behaviour or geo-track them, weakening the family dynamic and triggering reactance, which is a rebellious behaviour kids engage in when they feel their autonomy is threatened,” says DePaolo.

“Carrots&Cake, on the other hand, helps parents select learning apps with a high cognitive load – anything they already own or anything in the App Store. When kids turn on their devices, these are the only apps they can access. When learning time finishes, the rest of the apps on the device are unblocked. Kids still get to enjoy free time, so they still maintain their agency,” she says.

According to DePaolo, by balancing the approach to screen time, Carrots&Cake has avoided dopamine-driven feedback loops, introduced delayed gratification, and countered the persuasive design of the apps that keep kids hooked. Kids have fewer screen time tantrums, and parents can hand over devices guilt-free.

“Our approach to the screen time dilemma is grounded in behavioural neuroscience, psychology, and cognitive science,” she reveals. “Our app prioritises learning to make devices more beneficial and less addictive. Parents can pick from any apps available in the App Store, ensuring their kids have a best-in-class educational experience tailored to each child in their family.”

Create daily screen time schedules

Parents choose the learning apps (Carrots) they want their kids to do. This isn’t limited to, say,  math or reading but includes music lessons, meditation, arts and crafts, and exercise apps.

Here, parents can create daily screen time schedules for their kids—for example, Monday for maths and more free time on the weekend. They choose how much learning time and free time kids get and customise screen time schedules around the family’s routine.

Also Read: Post-pandemic education: Why edutech remains a game-changer

The key advantages are that learning time is focused and distraction-free, and through micro-learning, kids compound knowledge with small but consistent daily effort. This develops healthy study habits.

Moreover, Cake time apps remain locked until kids complete their educational apps for that day, and the app can also provide customised app recommendations to supercharge a child’s learning.

Additionally, Carrots&Cake automatically blocks inappropriate content and prevents app stores from unauthorised app downloads.

The app also boasts an AI-powered assistant, Nibbles the Bunny, which enhances kids’ experience and motivates them to learn.

“We help parents find the most appropriate apps for their kids’ interests and inspire kids with intrinsic motivational exercises. This way, we want to foster family connections and cultivate trust through a nurturing environment of parental guidance instead of control,” she shares.

A B2C product, Carrots&Cake plans to launch a freemium version of the app at the start of 2024, and the subscription model will include monthly, quarterly, and annual plans.

DePaolo claims the app has users worldwide, most from the US. “We launched in private beta just a year ago, and the numbers have steadily climbed as we continue to iterate and are in thousands,” she discloses.

Proving naysayers wrong

In the app’s initial development stage, the team faced many roadblocks, and naysayers told them the app could not be built because they thought the tech behind it was too hard. It also faced some technical challenges; developing a smooth-running app with complex features demanded top-tier expertise.

“We overcame these challenges by hiring the right team, including a lead developer who successfully worked on seven parental control apps. His technical skill ensured that Carrots&Cake’s performance was of the highest standard,” she adds.

Also Read: AI Blocks, revolutionising education with easy and effective AI technology learning

Adding scientific elements was also challenging, but the startup collaborated with a team of leading screen time experts, doctors, and educators, DePaolo notes. “Their insight and advice shaped Carrots&Cake’s features, ensuring they were scientifically sound and beneficial for developing brains.”

A bootstrapped company so far, the company plans to go to the market for an angel round of funding soon.

As the company scales, it will introduce new features to improve kids’ transition between online and offline — for example, a feature that reduces the overstimulation kids experience in games by reducing volume and colours as kids approach the end of screen time. This helps to disengage kids gradually and reduces tantrums caused by coming off devices.

The startup is also talking with several schools to introduce pilot programmes to provide better balance on their tech platforms. For instance, with Carrots&Cake, teachers can control kids’ classroom screen time and be confident that kids are focused on the assigned task and not sneaking into games and streaming services. Additionally, it can translate school curriculums into Carrot apps to support kids’ at-home learning.

“Of course, there is no easy, overnight fix for the screen time dilemma, but we are working hard to stay in front of the problem and give parents and families the support they need,” she concludes.

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Image Credit: Carrost&Cake.

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Singapore-based Web3 wallet startup Account Labs has raised US$7.7 million as it is set to launch its consumer-focused UniPass wallet app on Polygon.

The funding came from Amber Group, MixMarvel DAO Ventures, and Qiming Ventures.

The capital will be used to launch the UniPass wallet app and drive the upcoming wave of mass crypto adoption through peer-to-peer stablecoin transfers. The app will initially be launched and tested in the Philippines before expanding to other parts of Southeast Asia, such as Vietnam, Malaysia, and Indonesia.

Also Read: On-chain data and Web3 security: Insights from industry experts

Account Labs was founded in 2023 following the merger of Keystone and UniPass.

As a smart contract wallet, UniPass does away with complex 12-word seed phrases to log in. Wallet owners can use their Google account to set up and log into their wallets, with no Web3 familiarity required. Users can also top up their wallet directly with cards, Apple Pay, or GCash in the Philippines. Users can then send stablecoins directly to other Web3 wallets.

Account abstraction lets developers directly programme functionality into wallets, including smart contracts. This removes many operational layers that inhibit cross-chain transactions and other operational bottlenecks the average consumer doesn’t want to consider. Users don’t have to understand or manage what happens in the background when they execute transactions. Instead, it’s similar to when users Venmo cash to a friend after dinner.

In addition to account abstraction, Account Labs believes stablecoins are another key to unlocking crypto mass adoption. By removing the speculative trading aspect, fiat-backed stablecoins are easier for non-web3-natives to grasp and trust.

Also Read: Xctuality develops virtual experiential platform, accelerating brands into metaverse”

“Due to its ease of use and the eponymous stability of stablecoins, UniPass is addressing the real-life everyday use case of P2P transfers, especially in emerging markets where cross-border remittances are slow and expensive. Expanding financial access and inclusion has been the goal of cryptocurrencies since day one, and account abstraction is critical to achieving that goal,” said Lixin Liu, CEO of Account Labs.

UniPass Wallet also offers low fees. Transaction fees on smart contract wallets are paid in stablecoins rather than each blockchain’s native token, bringing costs down to as low as 1 or 2 US cents per transaction. UniPass will also reimburse three transfers per day per user.

UniPass wallet will launch on Polygon and will be available on Android on launch, with iOS support set to follow soon, as well as future plans to expand to Apple ID and other social media logins.

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Image Credit: Account Labs.

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Startup founders often embark on a journey filled with hurdles and opportunities. Among these challenges, securing funding from venture capital firms stands as a critical milestone. However, while VCs can inject much-needed capital into your business, it’s essential to understand the nuances of the investment terms they propose, especially regarding anti-dilution clauses.

In this article, we’ll explore how these clauses can impact your startup and offer insights into making informed decisions that safeguard your venture’s future.

The anti-dilution dilemma

VCs typically invest in early-stage startups with uncertain valuations. To protect their investments, they often request anti-dilution clauses to be included in the terms of the deal. These clauses can have significant implications for founders, affecting valuation, ownership stakes, and even the overall control of the company.

There are two main types of anti-dilution clauses:

• Full Ratchet
• Weighted Average

Each comes with its own set of advantages and disadvantages.

Full Ratchet: The founder’s nightmare

Full Ratchet is the most favourable option for investors but the harshest for founders. Under this clause, your share price is adjusted to match the lowest price paid by any new investor in any future funding round. For example, if a new investor purchases shares at a lower valuation than yours, your share price and ownership stake are dramatically reduced.

Example: If your startup raises US$10 million at a US$5 million valuation, your share price could plummet from US$1 to US$0.5, effectively halving your ownership to two million shares instead of one million.

Weighted Average: Striking a balance

Weighted average, on the other hand, is a more balanced approach. It adjusts your share price based on the average prices paid by all investors in all rounds, considering the amount of money raised. This method is considered fairer to founders and offers more adaptability.

Example: If the same US$10 million is raised at a US$5 million valuation, your share price may decrease from US$1 to US$0.75, and you would own approximately 1.33 million shares instead of one million.

Also Read: ‘Want VC funding? Your startup needs to be valued at least US$700M in 10 years’: Jeffrey Paine

Choosing the right path

Navigating anti-dilution clauses requires careful consideration, as they can significantly impact your startup’s future.

Here are some key factors to keep in mind:

Stage and potential

Early-stage startups with greater valuation uncertainty and potential for multiple financing rounds may find the weighted average clause more suitable. In contrast, later-stage startups with stable and higher valuations might negotiate with the full ratchet.

Balancing act

Striking a balance between anti-dilution safeguards and other contractual elements such as valuation, liquidation preference, board representation, voting rights, and exit strategies is crucial. Sometimes, compromising on one aspect can lead to more favourable terms elsewhere.

Final thoughts

Venturing into the world of startups and VC funding involves making difficult decisions. Anti-dilution clauses are just one piece of the puzzle.

It’s essential to thoroughly understand the implications of these clauses and tailor your choice to your startup’s stage and potential. By doing so, you can protect your vision while securing the funding needed to bring your startup to new heights.

Remember, every term sheet is negotiable, and it’s in your best interest to seek legal counsel to ensure your startup’s future remains secure and promising.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

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