In this episode of Inside the Hutt, Brooke Pollack interviews Alex Witt, founding general partner of Verda Ventures. Alex shares his path from traditional finance and crypto mining in China to launching Verda, a stablecoin infrastructure fund focused on emerging markets. The discussion explores Verda’s strategic partnerships with Tether and MiniPay, the evolving role of stablecoins in cross-border payments, and how regulatory developments and geopolitical dynamics are shaping the future of stablecoin adoption.

Key Points From This Episode:



Alex Witt’s background in traditional finance and early crypto ventures in China

His transition to Silicon Valley and the founding of Verda Ventures and APF

Verda’s focus on stablecoin infrastructure in emerging markets

Strategic partnerships with Tether and MiniPay to support portfolio companies

The utility and impact of stablecoins in cross-border commerce and remittances

Differences in stablecoin adoption across the U.S., Europe, and the Global South

Rationale for USD dominance and expectations for non-USD stablecoin growth

How stablecoins support U.S. dollar dominance and treasury demand

Investment opportunities in stablecoin infrastructure and cross-border rails

Regulatory clarity in the U.S. and its implications for Circle and big banks

Outlook on Ethereum as the foundational blockchain for stablecoins

Role of Tether and MiniPay in Verda’s investment and growth strategy

Future trends in stablecoin adoption: FX usage and private B2B transactions

Geopolitical implications of stablecoin use in unstable currency regions

Projections for global stablecoin supply over the next decade

Market impact of Circle’s IPO and Stripe’s stablecoin-related M&A activity

Exit dynamics and acquisition appetite from major fintechs and banks

Alex’s hypothetical career path outside crypto and tech

Links

Alex Witt on X: https://x.com/alexlwitt

Alex Witt on LinkedIn: https://www.linkedin.com/in/alexwitt 

Verda Ventures: https://verda.ventures/ 

Brooke Pollack on Twitter: https://twitter.com/bhpollack

Brooke Pollack on LinkedIn: https://twitter.com/bhpollack

Hutt Capital: https://www.huttcapital.com/

In this episode of Inside the Hutt, Brooke Pollack interviews Jason Kam, founder of Folius Ventures. Jason shares his journey from traditional finance to launching a hybrid crypto hedge fund, focusing on both liquid and private investments with a strong presence in Asia. He explains the structure of Folius, his evolving views on fund models, the importance of flexibility in crypto investing, and the challenges of navigating the Asian founder landscape. Jason also introduces BidClub, a platform to improve idea-sharing and transparency in liquid token investing.

Key Points From This Episode:

Jason Kam’s background in investment banking and hedge funds before entering crypto.

The launch of Folius Ventures and its hybrid fund structure.

Why Jason prioritized APAC and Chinese founders for early investments.

The rationale behind Folius’ mix of liquid and private investments.

Views on the advantages of a permanent capital or HoldCo structure in today’s market.

Jason’s approach to diligence for liquid vs. private crypto investments.

Observations on crypto regulatory landscapes in Asia and challenges for Chinese founders.

Sectors Folius is focused on: trading, stablecoins, and asset issuance.

Discussion on token governance, transparency, and long-term fundamentals in liquid markets.

Overview of BidClub and its role in surfacing investment ideas for liquid tokens.

Links

Jason Kam on LinkedIn: https://hk.linkedin.com/in/jason-kam-35080625

Folius Ventures: https://www.folius.ventures/

BidClub: https://www.bidclub.io/ 

Brooke Pollack on Twitter: https://twitter.com/bhpollack

Brooke Pollack on LinkedIn: https://twitter.com/bhpollack

Hutt Capital: https://www.huttcapital.com/

Jason Kam on Twitter: https://twitter.com/MapleLeafCap

BidClub on Twitter: https://twitter.com/BidClubio

In this episode of Inside the Hutt, Brooke Pollack speaks with Andy Kangpan, co-founder of Metalayer Ventures. Andy shares his journey from ff Venture Capital and Two Sigma to founding Metalayer, a firm focused on the future of finance moving on-chain. The conversation explores Metalayer’s investment thesis, the evolving crypto infrastructure landscape, and what Andy believes are the most exciting opportunities across stablecoins, market infrastructure, and asset tokenization. He also discusses the firm’s data-driven sourcing platform, founder support strategy, and broader views on DeFi and blockchain adoption.

Key Points From This Episode:

Andy Kangpan’s career path from ff Venture Capital to Two Sigma and into crypto.

The origins of Metalayer Ventures and its spinout from Two Sigma.

Metalayer’s thesis: the global financial system will be on-chain within the next decade.

Breakdown of Metalayer’s three investment categories: market infrastructure, stablecoins, and tokenized assets.

Rationale behind early-stage equity and token investments in crypto.

Evolution of exit opportunities for equity-based crypto businesses.

Regulatory improvements accelerating institutional crypto adoption.

In-depth analysis of stablecoin investment categories and use cases.

Challenges and opportunities in crypto market infrastructure.

Comparison of competition dynamics across stablecoins and infrastructure.

Insights into real-world asset tokenization, especially in private credit.

Metalayer’s approach to investing in DeFi and institutional-focused protocols.

Blockchain ecosystems gaining traction among financial institutions (Ethereum, Solana, Avalanche).

Metalayer’s data-driven sourcing engine, Morai, and how it supports the investment process.

What differentiates Metalayer as a capital partner for founders.

Geographic investment focus by category across the Metalayer portfolio.

Highlight of Station 70, a recent investment in digital asset security infrastructure.

Andy’s past ambition to become a professional skateboarder and his continued passion for skating.

Links

Andy Kangpan on Twitter: https://x.com/kangpandabear

Andy Kangpan on LinkedIn: https://www.linkedin.com/in/andrewkangpan

Metalayer: https://www.metalayer.vc/

Brooke Pollack on Twitter: https://twitter.com/bhpollack

Brooke Pollack on LinkedIn: https://twitter.com/bhpollack

Hutt Capital: https://www.huttcapital.com/

In this episode of Inside the Hutt, Brooke Pollack welcomes Sam Hallene, investment partner at CMT Digital, a blockchain-focused venture capital firm operating under the broader CMT Group. Brooke and Sam explore current trends in DeFi, stablecoins, DePIN and sector-specific blockchains, along with candid insights into founder relationships, portfolio construction, and long-term conviction in the industry.

Key Points From This Episode:

Sam’s background and how he joined CMT Digital after reading the Bitcoin and Ethereum white papers.

Overview of CMT Digital’s evolution and its relationship with the broader CMT Group.

CMT Digital’s venture strategy, early-stage focus, and investment approach.

The operational implications of being a registered investment advisor (RIA).

CMT’s generalist thesis in blockchain, spanning multiple verticals and geographies.

Observations on the potential for U.S. crypto re-onshoring and regulatory shifts.

CMT’s global footprint and approach to investing across jurisdictions.

Investment check size, ownership targets, and CMT’s long-term founder engagement strategy.

Current state of DeFi and its progression into new financial instruments and integrations.

Stablecoins as a transformational technology and investment opportunity.

Perspectives on credit infrastructure and the role of stablecoins in payments.

1Money as an example of a purpose-built stablecoin-centric blockchain.

CMT’s views on investing across multiple L1s and L2s and how they think about competitive overlap.

Discussion of portfolio company Strike and the enduring demand for Bitcoin-centric financial services.

Thoughts on DePIN and key takeaways from Andrena’s growth model.

Sam’s conviction that global finance and infrastructure will shift to blockchain rails.

Why founders and LPs choose to work with CMT Digital.

Links:

Sam Hallene on LinkedIn: https://www.linkedin.com/in/sam-hallene-353650bb

CMT Digital: https://cmt.digital/

CMT Digital on Twitter: http://twitter.com/cmt.digital

Brooke Pollack on Twitter: https://twitter.com/bhpollack

Hutt Capital: https://www.huttcapital.com/

In this episode of Inside the Hutt, Brooke Pollack interviews Hootie Rashidifard, founder of Hash3, a crypto-focused venture fund. Hootie shares his personal journey from Canaan Partners to launching Hash3, driven by a mission to promote self-sovereignty through decentralized technologies. They explore Hash3’s unique fund structure, investment philosophy, and the evolving dynamics of crypto venture investing, including token models, infrastructure focus, and how regulatory clarity could shape the industry’s future.

Key Points From This Episode:

Hootie Rashidifard’s background and his path from Canaan Partners to founding Hash3.

The personal story behind Hootie’s passion for decentralization and self-sovereignty.

Overview of Hash3’s mission, structure, and focus on enabling self-sovereignty.

Differences between operating a large venture fund and a solo GP crypto fund.

Hash3’s flexible investment approach and focus on infrastructure.

The concept of "crypto regime change" and evolving token market dynamics.

Challenges with low float, high FDV token models and emerging founder strategies.

The importance of fundamentals in crypto investing amid a growing number of tokens.

Perspectives on infrastructure vs. application investments in crypto.

Potential impacts of U.S. regulatory developments on crypto venture investing.

Alpha vs. beta deal sourcing and how Hash3 wins competitive allocations.

Highlights of Hash3 portfolio companies, including Nirvana Labs and Chakra Labs.

Hootie’s passion for classic cars and what he’d pursue outside of crypto and venture.

Links:

Hootie Rashidifard on Twitter: https://x.com/hootie_r

Hootie Rashidifard on LinkedIn: https://www.linkedin.com/in/hootanrashidifard

Hash3: https://www.hash3.xyz/

Fund I [Abridged] Q4 2024 LP Letter: https://www.dropbox.com/scl/fi/qdu7puck2d85zviwwk3q2/Hash3-Venture-Fund-I-Abridged-Q4-2024-LP-Letter.pdf?rlkey=s9an69m4q88atuoesrqer2yqw&st=3jw7jid9&dl=0

Brooke Pollack on Twitter: https://twitter.com/bhpollack

Brooke Pollack on LinkedIn: https://twitter.com/bhpollack

Hutt Capital: https://www.huttcapital.com/

In this episode of Inside the Hutt, host Brooke Pollack welcomes Jakub Rusiecki and David, co-summoners of Social Graph Ventures (SGV), a Web3 social investment vehicle. They discuss their personal journeys into crypto investing, the formation and structure of SGV, and the unique opportunities in Web3 social. The conversation covers SGV’s investment thesis, the evolution of blockchain-powered social platforms like Farcaster and Lens, and how open social graphs can disrupt existing incumbents. Jakub and David also explore how SGV operates as a community-driven investment DAO, their experience in early-stage investing, and the future of Web3 social applications.

Key Points From This Episode:

Introduction to SGV – Jakub and David share their backgrounds and how they formed Social Graph Ventures.

What is Web3 Social? – Explanation of how decentralized social platforms function and their potential impact.

Investment Focus of SGV – Discussion on why SGV prioritizes Web3 social apps, middleware, and social protocols.

Challenges in Web3 Social Adoption – Why competing with Web2 incumbents is difficult and how SGV sees new opportunities.

Farcaster and Lens as Flagship Platforms – The role of these decentralized social networks in the ecosystem.

The Community-Driven Investment Model – How SGV operates without LPs, using a member-based structure.

Motivating Member Participation – Reward-based incentives to keep contributors engaged and active.

The Future of SGV – Potential expansion, additional vehicles, and staying disciplined in investment strategy.

Highlighting Portfolio Investments – Overview of SGV-backed startups like Neynar, and Rodeo.

Long-Term Vision for Web3 Social – How open social graphs and blockchain-based social networks might evolve.

Links

Jakub Rusiecki on Twitter: https://x.com/jakub_rusiecki

David on Twitter: https://x.com/clujso

Social Graph Ventures: https://www.socialgraph.vc/

Brooke Pollack on Twitter: https://twitter.com/bhpollack

Brooke Pollack on LinkedIn: https://twitter.com/bhpollack

Hutt Capital: https://www.huttcapital.com/

In this episode of Inside the Hutt, Brooke Pollack welcomes Vishwa Naik, co-founder of Anera, a DeFi-focused prime brokerage. Vishwa shares his journey from finance and traditional startups to the world of blockchain, explaining how Anera provides inventory and execution services to institutional traders. They explore the complexities of cross-chain liquidity, arbitrage opportunities between CeFi and DeFi, and the future of capital-efficient trading. Vishwa also discusses the technical and security challenges of building a DeFi protocol, the role of tokenized assets, and how Anera is positioning itself to scale within both DeFi and traditional financial systems.

Key Points From This Episode:

Vishwa’s background – from finance to blockchain entrepreneurship.

The vision for Anera – building a DeFi-focused prime brokerage.

Why interoperability between chains is critical for market efficiency.

How Anera helps institutional traders access capital-efficient arbitrage.

The evolving role of DeFi prime brokerage and its relationship with existing players like FalconX.

Why Anera transitioned away from servicing retail users to focus on institutions.

How DeFi protocols and CeFi traders interact in arbitrage markets.

Challenges in scaling a prime brokerage for DeFi and key liquidity trends.

The role of tokenized yield-bearing assets in Anera’s future.

The importance of hiring domain experts from prop trading and market-making firms.

Regulatory considerations and the impact of a new U.S. administration on crypto markets.

Anera’s upcoming product launch in March 2025 and expansion plans.

Links

Vishwa Naik on LinkedIn: https://www.linkedin.com/in/vishwa-naik-4748a3137

Anera Labs: https://www.linkedin.com/company/anera-labs

Brooke Pollack on Twitter: https://twitter.com/bhpollack

Brooke Pollack on LinkedIn: https://twitter.com/bhpollack

Hutt Capital: https://www.huttcapital.com/

In this episode of Inside the Hutt, Brooke Pollack sits down with Kyle Samani, co-founder of Multicoin Capital, to explore the firm’s evolution, investment philosophy, and the current and future landscape of blockchain investing. Kyle shares his journey from early tech startups to launching Multicoin, the lessons learned along the way, and the firm's strategic approach to infrastructure, applications, and capital markets. The conversation touches on Solana’s architecture, stablecoins, DeFi capital efficiency, Deepin, AI-integrated blockchain ventures, and political advocacy for crypto legislation. Kyle also dives into emerging trends like zero-employee companies and decentralized GPU marketplaces, highlighting the future of crypto-powered AI.

Key Points From This Episode:

Kyle’s journey from programming to co-founding Multicoin Capital.

Lessons learned from building a fund from scratch in 2017.

The firm’s strategic focus on Solana, DeFi, and deep infrastructure investments.

Why Solana’s architecture makes it the preferred blockchain for trading and applications.

The growing role of stablecoins and how to invest in their ecosystem.

Evolution of capital efficiency in DeFi and risk management in different models.

Deepin's growth and crypto's role in AI and robotics.

The concept of zero-employee companies and AI-driven business models.

Multicoin’s involvement in crypto regulatory advocacy and political support.

Kyle’s take on the future of crypto cycles and where the market is heading.

Exciting Multicoin portfolio companies, including Ionet’s decentralized GPU marketplace.

Links

Kyle Samani

Multicoin Capital

Brooke Pollack on Twitter

Brooke Pollack on LinkedIn

Hutt Capital

Multicoin 2024 Summit Highlights

In this episode of Inside the Hutt, host Brooke Pollack interviews Spencer Bogart, General Partner at Blockchain Capital. Spencer shares his journey into venture capital, transitioning from sell-side equity research to joining Blockchain Capital nearly a decade ago. The conversation delves into Blockchain Capital’s history, investment strategy, and how the firm has remained a leading player in blockchain venture investing. Spencer also provides insights on navigating market cycles, evaluating investment opportunities, and the evolving dynamics within the crypto and blockchain ecosystem. 

Key Points From This Episode: 

Spencer Bogart’s career journey, from economics undergrad to General Partner at Blockchain Capital. 

Blockchain Capital’s history, starting with a $1M fund and scaling to billions in assets under management. 

The firm’s focus on pure venture investments and its disciplined approach to liquid assets. 

Importance of maintaining team integrity, transparency, and low turnover in a venture setting. 

Investment philosophies and how Blockchain Capital identifies opportunities uniquely enabled by blockchain. 

Notable investments in projects like EigenLayer and Worldcoin, and the rationale behind these decisions. 

The impact of market cycles on investment strategies and how Blockchain Capital prepares for bull and bear markets. 

Insights into the future of DeFi and its nearly infinite design space for financial innovation. 

Discussion on the regulatory environment and its impact on blockchain startups and innovation in the U.S. 

Perspectives on differentiating as a blockchain-focused venture fund and sustaining a competitive edge. 

How allocators are realizing that the liquidity profile of crypto venture funds is becoming strictly superior to general venture funds and why.

Links 

Spencer Bogart on LinkedIn 

Blockchain Capital 

Brooke Pollack on Twitter 

Brooke Pollack on LinkedIn 

Hutt Capital 

In this episode of Inside the Hutt, host Brooke Pollack welcomes Simao Cruz, founding partner of Lightshift Capital. Simao shares insights on building Lightshift as a venture firm and engineering platform focused on early-stage blockchain projects. The discussion delves into Lightshift's origin story, its engineering-driven investment strategy, and how the firm acts as a "third co-founder" for portfolio companies. They also explore the challenges and rewards of contributing hands-on technical expertise, discuss Lightshift’s strategic focus on decentralized technologies, and examine how Lisbon is becoming a hub for blockchain innovation. 

Key Points From This Episode: 

Introduction to Simao Cruz and Lightshift Capital’s founding team 

Lightshift’s engineering-centered approach and “third co-founder” philosophy 

Focus on low-level infrastructure and high-growth market applications 

Differentiation through early-stage support in product development and engineering 

Role of Lightshift in project incubation and the firm’s approach to incubating startups 

Strategic investments in decentralized health data sharing and tokenized domain name services 

The importance of tokenization and the overlooked impact of decentralized data 

Lightshift’s engineering diligence process and alignment with portfolio founders 

The growing prominence of Lisbon as a blockchain ecosystem hub 

Regulatory contrasts between the U.S. and Portugal’s stance on blockchain 

Links 

Simao Cruz on LinkedIn 

Lightshift Capital 

Brooke Pollack on Twitter 

Brooke Pollack on LinkedIn 

Hutt Capital