Nov 3, 2022
Foresight Ventures Highlights during BWBusan 2022
I. Foresight and BitKeep booth stands out with huge traffic
At the event, the booth jointly built by BitKeep and Foresight Ventures was one of the most eye-catching booths that appealed to many guests.
Foresight Ventures is the early investor and incubating institution of Bitkeep, as one the Foresight’s portfolios, Bitkeep is known for its all-around features and multi-chain inclusiveness. Supporting more than 70 mainnets with Wallet, Swap, NFT Market, and DApp sections, it became one of the “Wow” factors during the Week. BitKeep staff on-site showed some of the wallet’s more popular features, including the cross-chain swap of any token pair, the InstantGas feature, real-time DEX price charts. They also showcased the Crypto Red Packets feature by giving away hundreds of crypto red packets to the attendees.
As one of the most active markets in the global blockchain industry, South Korea has friendly policies and a highly enthusiastic user base. Data from the Korean Financial Services Commission showed that more than one-tenth of people in South Korea participated in the crypto market. Foresight will further develop the local partnership and market expansion strategy for its portfolio in the region, and also seek local joint forces for its global accelerator program Foresight X to boost the blockchain ecosystem growth in South Korea.
II. Foresight GP Tony Cheng had a speech on “Asian Crypto market”
On October 29th, the main conference of Blockchain Week Busan 2022 started, Foresight’s GP Tony Cheng had a speech regarding the topic of the Asian Crypto market. Here are some of the highlighted notes from the speech:
Innovation is cyclical, and the current crypto market is still in a very early cycle, with more than 300 million users, and the top 10 countries in the number of encrypted users account for 66% Among the top 10 countries or regions, Asian countries and the number of users account for half of the share, which means that Asian countries are still in the early stage of development in the crypto industry. In 2026, Asian spot trading and derivatives trading will also be exponentially boosted.
So given our geographical focus in Asia, I have spent a lot of time with Asian founders, but primarily Chinese founders, so I wanted to share some anecdotal observations:
- Most Chinese founders are humble and often very execution driven.
- Technically savvy because growth hacking and customer acquisition could be analyzed deeply and get an a/b test, but their branding is less analytical so thus not as strong in brand-building.
- Chinese founders are very persistent and full of hustle, will do anything to win, and will find competitive advantages at all costs, so you can count on their execution
In summary, Tony believes that Asian-based founders will be prime for the next wave of innovation in applications, he added “Iterating products, acquiring users, and finding ways to make products stick. These are all key elements to building a great consumer application. And it’s something a lot of Asian founders have been doing their entire careers because the mobile and internet era has given rise to so much data to analyze and figure out the best customer acquisition strategies.”Foresight Venture‘s Party on BWB was full-booked by global crypto builders
Foresight Party on BWB was a full house with global builders and local projects
Foresight co-hosted a side event, Party on BWB, with Bitkeep, αlphanonce, and local leading Korean crypto-focus media CoinNess. With 400 tickets distributed a day before the party, the event was booked up in no time.
Many local Korean projects attended the party. Foresight aims to invest and bring more valuable projects to Busan City and the South Korean market, Foresight is very optimistic about the local ecosystem, and expects to play a crucial role in the future development of the crypto space.
