Scenius Capital

@bennypjacobs Potent post!

Crypto VC mandate creep: a field guide. Many crypto VCs are eager to broaden their mandates to other frontier technologies. More investable opportunities, seemingly more exciting, better from a reputation standpoint, etc. The challenge: many of these managers have 0 edge outside of crypto.

-Exploits (Kelp DAO) are part of an emerging system, they don’t stop the buildout, they refine it -TradFi goes deeper as Schwab rolls out crypto trading platform -Real adoption continues to expand (DoorDash/stablecoins) The stack is coming together 👇 sceniuscapital.substack.com/p/scenius-sync…

The convergence is accelerating Market structure, liquidity, and access are evolving together The next phase is already underway 👇 sceniuscapital.substack.com/p/scenius-sync…

Stablecoins, ETFs, and 24/7 markets accelerating The next phase of market structure is being built in real time... TradFi 🤝 Crypto is no longer a question, it's happening! 👇 sceniuscapital.substack.com/p/scenius-sync…

A lot of ink has been spilled on the idea that crypto, as we know it, is over. This industry-wide malaise largely stems from crypto Twitter apathy. The active OGs are reticent about institutional adoption interfering with crypto’s cypherpunk roots and the CT algo amplifies those that are most active on the platform (i.e. opinionated wishy-washy traders). The latter cohort are currently negative on the industry, largely because money has been made elsewhere over the last 3–6 months. It’s become cool (i.e. a status symbol) to scoff at crypto and instead signal broader knowledge, investment access, and performance in other arenas (AI, gold/silver, robotics, private equity, etc.).

In the fourth episode of Scenius Studio's mini-series "The Use-Case", I sit down with Tuan Cao (@tuan_lifeai), Co-Founder of @LifeNetwork_AI. Tuan and his team started by building a Web2 alternative to 23andMe focused on the Asian genome, but with a key difference…they gave users full control over their data. That was just the beginning of a long-road to build one of the blockchain industry’s leading decentralized science projects. Long before “DeSci” was even a term, LifeAI has been building a decentralized foundation for genetics-based medicine and research. Today, Life has established itself as a base layer protocol that traditional healthcare players are building on top of cheaply and quickly. The future of genetics based personalized treatments might have crypto under the hood. In this episode we discuss: ➔ Why Tuan and team built a 23&Me competitor ➔ Building a web2 genetics business and converting it into a blockchain-based protocol ➔ Defining Decentralized Science (DeSci) and the different sections within the category ➔ What applications are being built on top of the Life protocol ➔ How the Life team enables privacy and data ownership using GeneNFTs ➔ Cost savings and operational efficiencies gained from building your medical home base on-chain Hope you enjoy this episode of Scenius Studio's "The Use-Case". Link to listen below and in bio.

In the second episode of Scenius Studio's mini-series "The Use-Case", I sit down with @0xdrej Co-Founder of @getgrass_io. Grass gives users the ability to earn ownership in the Grass network by supplying the protocol with their unused internet bandwidth for data scraping purposes (something that is already happening to most of us and we don’t get paid!). The grass protocol packages this scraped web data and sells it to AI companies who have insufficient data to further develop their models. With over 3 millions users and millions of annualized revenue, Grass is a real commercial business with a roadmap that makes it one of the most exciting projects at the intersection of crypto x AI and data. In this episode we discuss: ➔ Andrej’s background in physics, finance, and sports betting ➔ Big companies using your IP address without your knowledge or permission ➔ How the Grass protocol puts a toll booth on your internet bandwidth highway ➔ Packaging web scraped data and selling it to AI companies building Multi-Modal models ➔ Dynamics between the Grass Protocol and the labs entity developing Grass’ IP ➔ Protocol design decisions to ensure that all tokenholders (VCs, team, and community) are aligned ➔ Why Grass needed to be built on crypto rails to maximize its potential ➔ The future of LLMs and how they will search for context and information Hope you enjoy this episode of Scenius Studio's "The Use-Case". Links to listen in bio or below👇

In the second episode of Scenius Studio's mini-series "The Use-Case", I sit down with Ray Lee and Ian Ettinger, Co-Founders of @daisypayapp . With deep experience in digital marketing and paid media, Ray and Ian have built a product that helps marketers drive results in an online environment that’s increasingly opaque and competitive. By discreetly using crypto tooling: zkTLS, stablecoins, and token incentives, Daisy is carving the path for the future of online advertising. In this episode we discuss: ➔ What drives social media algorithms and how Daisy’s product pours jet fuel on content ➔ The downstream impact of micro transactions and efficient payment for creators ➔ How brands work with Daisy to accomplish marketing campaign objectives ➔ Current challenges with online marketing and the decay in efficacy of traditional digital ad campaigns ➔ zkTLS and how the technology empowers brands and users with ownership of data and monetization opportunities ➔ Broadening the Daisy creator base from influencers to your average community member ➔ Fundraise announcement! Hope you enjoy this episode of Scenius Studio's "The Use-Case". Links to listen in bio or below👇

This is crypto’s pocket rockets moment. Even with pocket aces, however, it’s possible to misplay or lose the hand. The stakes? Global institutional adoption, a potential 10-20x market cap, and billions of new users. The obstacles? Self sabotage, shortsightedness, and greed. Will investors capitalize on this rare deal or squander the opportunity?

This was a banger

🚨 Scenius Studio (Episode #49) In this episode, I sit down with Chris Rhine, Head of Liquid Active Strategies, at @galaxyhq. Chris spent the last two decades trading a variety of instruments and asset classes at Cohen & Steers and BlackRock. Now, Chris uses his wall street experience to develop and manage highly institutional investment products that offer LPs a risk mitigated long-only approach to the liquid token markets. In this episode we discuss: ➔ Frameworks from trading traditional assets that Chris brings over to liquid token investing ➔ The risk engine he has built at Galaxy ➔ How Chris pitches crypto and liquid token investing to institutions who haven’t previously allocated to the asset class ➔ Why Galaxy doesn’t charge performance fee on its active liquid strategy ➔ Explaining the impact of tokenization to RIAs ➔ Operational best practices ➔ Crypto’s correlation to other asset classes and how institutions should think through their exposure to the industry ➔ The most important drivers for liquid token prices ➔ Perspective on the upcoming elections and potential outcomes from BTC and alts ➔ Chris’ spiciest takes 🌶️ Hope you enjoy this episode of Scenius Studio. Link to listen in comments👇

🚨 Scenius Studio (Episode #48) In this episode, I sit down with Jason Kam (@MapleLeafCap), Founder of @FoliusVentures. Folius has become a preeminent blockchain venture firm focused on the application layer, with a strong focus on China-based founders and companies. While Folius is known as a high-signal venture firm, the firm’s liquid strategy constitutes a notably larger percentage of AUM. Jason’s experience as a PM at a traditional emerging markets focused hedge fund give him the skills to navigate the chaotic digital asset public markets. In this episode we discussed: ➔ Jason starting off his crypto journey as an anon on Twitter ➔ Overview of Folius as a firm ➔ The shaky position of Ethereum ➔ What has to be true for Folius to underwrite an altcoin position for the fund ➔ The Web2 push and the Web3 pull in China ➔ Risks and realities of crypto in China and Hong Kong ➔ Asia-based centralized exchanges and their current dominance over the industry ➔ How Telegram tracks against WeChat ➔ Folius’ bet on @CatizenAI and the development of the Telegram app ecosystem ➔ Jason’s spiciest takes 🌶️ Projects Mentioned: - @bidclubio - @Backpack - @WSPNpayment - @megaeth Hope you enjoy this episode of Scenius Studio. Link to listen on Spotify in comments👇

🚨 Scenius Studio (Episode #44) In this episode, I sit down with Carlos Pereira (@cegapereira), Partner at @BITKRAFTVC . BITKRAFT is a premier gaming focused venture firm and Carlos is the lead investor for their crypto-dedicated fund. His perspective into the innovation that crypto uniquely unlocks within gaming is insightful. Moreover, his assessment of the current blockchain gaming ecosystem highlights his experience investing in the sector and the observations he and his team have earned across cycles. In this episode we discussed: ➔ The history of BITKRAFT and the firm’s decision to launch a crypto-dedicated gaming strategy ➔ The impact of gaming on younger generations and their digital-first approach to the world ➔ Categories within gaming that BITKRAFT invests in ➔ The three phases of crypto’s disintermediation of the gaming industry ➔ On-chain games. What does it mean in practice and what is possible with 100% blockchain-based games? ➔ Different formats (mobile, VR, desktop) and how they will evolve with crypto ➔ Blockchain gaming is under heat for not producing the results everyone has been expecting. Where are people’s negative judgements misplaced? ➔ Post-mortem of play-to-earn ➔ Venture dynamics in crypto gaming given the long-duration of game development and the incongruence of fast-paced token launches ➔ Will crypto be integrated into existing AAA games or will a new AAA game emerge with blockchain embedded in the game’s infrastructure ➔ Carlos’ spiciest takes 🌶️ Hope you enjoy this episode of Scenius Studio. Link to listen below👇

🚨 Scenius Studio (Episode #43) In this episode, I sit down with Haseeb Qureshi (@hosseeb), Managing Partner of @dragonfly_xyz. Haseeb is highly respected in the space for his synthesis of complex topics, sharp opinions on contentious debates, and repeated ability to back category winners early. With Haseeb at the helm, Dragonfly has established itself as one of the industry’s premier global firms with strong footing in the US and Asia. In this episode we discussed: ➔ Haseeb’s experience as a professional poker player and the related instincts he developed ➔ Risk taking and understanding probabilities when pursuing a career as a venture capitalist ➔ Common threads among Haseeb’s most successful venture deals (@ethena, @monad_xyz, @avax, @NEARProtocol) ➔ “Resource Gravity” as a measure of a Founder’s ability to succeed ➔ Portfolio construction for Dragonfly’s $650 Million most recent fund. Who is downstream of Dragonfly and how Haseeb thinks about exits ➔ The unnecessary concern surrounding low float / high FDV token launches ➔ @Polymarket: crypto’s attempt at building a permissionless, modern prediction market ➔ Lightning round: AI Inference, Tokenization/RWA, DePIN, Gaming, Social ➔ Haseeb’s spiciest takes 🌶️ Hope you enjoy this episode of Scenius Studio. Spotify link in comments👇

🚨 Scenius Studio (Episode #42) In this episode, I sit down with @_MinTeo, Co-Founder and Managing Partner of @etherealvc . Together with Joe Lubin (@ethereumJoseph), Min leads one of the industry’s most well-respected early-stage venture firms. With an impressive track record that includes seed stage bets in @eigencloud and @aztecnetwork, Min has a knack for uncovering blue ocean categories and companies before they become consensus. In this episode we discussed: ➔ Reflections on Min’s investments from her time leading @Consensys' venture arm ➔ Ethereal’s position as a seed stage firm and what they do to help early-stage projects reach crucial milestones ➔ Information flow in crypto and the corresponding competition that quickly emerges around promising ideas ➔ Intents and developer tooling as categories that still need funding and growth ➔ Founder and VC incentives around token launches and how the game is evolving ➔ The rapid rotation of capital and the current tension between VC backed projects and retail-dominated memecoins ➔ How Min would explain the fundamentals of crypto to a traditionally-trained investor ➔ Consensys suing the SEC and the rally call for crypto companies to stand together again regulatory overreach ➔ Min’s spiciest takes 🌶 Hope you enjoy this episode of Scenius Studio. Link to listen below👇

Managing Partner Ben Jacobs sharing earned insights! Check it out 💪

🚨 Scenius Studio (Episode #36) 🎙️🧠 In this episode, I sit down with Homer Sun, Managing Partner of @animocabrands Capital. Following an illustrious career as the CIO of Morgan Stanley’s Private Equity business in Asia, Homer took the web3 plunge to launch Animoca’s first growth equity fund. Now at Animoca Capital, Homer is investing in category defining blockchain-related businesses 3-4 years before a potential IPO or strategic acquisition. In this episode we discuss: ➔ The history of Animoca brands and its current business units ➔ Why launch a growth equity fund dedicated to late-stage blockchain companies ➔ The market of exit opportunities for growth-stage blockchain companies ➔ How blockchain investing is similar to investing in Asia during the early 2000s ➔ Homer’s response to allocators when they ask “where are the use-cases?” ➔ Inputs for underwriting a growth-stage blockchain business ➔ What Hong Kong welcoming web3 means in practice ➔ Homer’s spiciest takes 🌶️ Link to listen in bio 💪

🚨 Scenius Studio (Episode #35) 🧠🎙️ In this episode, I sit down with Larry Sukernik (@lsukernik), Co-Founder of @hi_Reverie. Larry led Digital Currency Group’s corporate VC before launching Reverie’s consulting and advisory business where he worked with leading crypto projects such as @Uniswap, @dYdX, and @osmosiszone . Building off of his experience working with leading protocols and companies, Larry launched a $20mm fund 1 to invest in founders at the earliest stages. In this episode we discuss: ➔ Taking the industry’s temperature after Bitcoin Spot ETF launch ➔ Learning the pain points of crypto operators via Reverie’s advisory business ➔ Constructing Reverie as a brand and the value that brings to start ups ➔ How Reverie differentiates itself among the competitive crypto vc landscape ➔ Thinking through the attributes of a winning team in a specific category when investing ➔ The current state of the early stage venture market amid positive price action in Q4 ➔ Off the cuff start up ideas based on current trends of innovation ➔ Larry’s spiciest takes 🌶️ Links to listen below👇 Spotify: open.spotify.com/episode/46teUM… Apple: podcasts.apple.com/us/podcast/rev…

🚨 Scenius Studio (Episode #34) In this episode, I sit down with Zoe Weinberg (@zweinberg), Founder and Managing Partner of Ex/Ante (@buildexante), a venture firm investing in the next generation of privacy, security, and information tools. Prior to Ex/Ante, Zoe served on the National Security Commission on Artificial Intelligence and at Google AI. She has also had stints as an investor at the International Finance Corporation of the World Bank and at Goldman Sachs. Tune in for insights into Ex/Ante’s thesis of agentic tech and how blockchain represents a core component of the firm’s investment strategy. In this episode we discuss: ➔ The rise of digital authoritarianism and the implications on privacy, censorship, and disinformation ➔ Investing in consumer and enterprise privacy tech as a means of protecting democracy through software rather than defensive hardware ➔ Data infrastructure that allows end users to have more control over their information when engaging with AI ➔ Why disinformation and deep fakes are a psychological problem not a technological one ➔ Hong Kong protestors using decentralized storage (@ArweaveEco & @IPFS) as a means of circumventing CCP censorship ➔ When public goods and investment return potential are at odds with one another ➔ Why Zoe does not use CLEAR at the airport ➔ Senator Warren and her perplexing anti-crypto stance ➔ Zoe’s spiciest takes 🌶️ Link to listen below👇 Spotify: open.spotify.com/episode/7uBxQJ…

🚨 Scenius Studio (Episode #33) 🧠🎙️ In this episode, I sit down with Jeff Park (@dgt10011), Head of Alpha Strategies at @bitwise. Jeff has had an illustrious career with a variety of roles at Morgan Stanley, Harvard Management Company, and Corbin Capital Partners before focusing his career on crypto and multi-manager solutions at Bitwise. Jeff’s insight into the forthcoming Bitcoin Spot ETF is timely and informative. Moreover, his measured approach when evaluating actively traded strategies demonstrates his mastery of various methods of alpha generation. Tune in for insights into active and passive digital asset investment strategies. In this episode we discuss: ➔ Determining the digital assets that get included in Bitwise’s passive index products ➔ The underlying process and mechanics for Bitwise’s BTC spot ETF application ➔ New financial capabilities unlocked by the BTC spot ETF wrapper ➔ The benefits of the BTC spot ETF for RIAs and Financial Advisors ➔ How Jeff would pitch someone on the benefits of adding Bitcoin to a typical 60/40 portfolio ➔ Operational due diligence and the evolution of investment management infrastructure for crypto funds ➔ Investment “edge” and the core criteria that Jeff looks for when evaluating a manager ➔ Bitwise’s recent survey of RIAs regarding the upcoming ETF and whether the news is already priced in ➔ Jeff’s spiciest takes 🌶️ Links to listen below👇