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Starting the week here with a different kind of alpha.
When you ask someone in crypto about Vietnam, Axie Infinity/Sky Mavis is probably their first thought. But it’s more than that.
Over the weekend, I was at GM Vietnam, the largest crypto conference in the country.
A few things I’ve learned from my short trip to Vietnam:
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Vietnam has the highest crypto adoption rate in the world (according to Chainalysis). It is a 98M population country, with almost 50% of people having used crypto before in some way.
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When you’re in Vietnam, there’s an energy, vibrancy that you feel. People are young and willing to hustle.
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Language is still a barrier, but locals who can converse well in English will go very far internationally.
After digesting the numerous conversations I had and the conference sessions:
It feels like the early days for Vietnam x Web3. It’s not going to take off immediately. But it’s heading in the right direction. In the coming years, I expect it to be a solid player in the web3 ecosystem.
The biggest tell is seeing VCs from other countries dedicate time to Vietnam, with a local presence. And scouting for their next big startup hit over there. Early startup valuations are generally more reasonable than in other places.
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And it’s compelling when you look at the cost differentials. With $5M in funding, a Vietnam-based Web3 startup can have an 18-year runway. Compared with 3.4 years in Singapore and 2.9 years in the US.
A few major ecosystem players in VN, if you’re looking to dive deeper:
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@KyrosVentures is a top VC and ecosystem builder in Vietnam. Great folks to reach out to if you want to access the VN market.
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@k300ventures is another prominent VC from Vietnam investing both locally and beyond.
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@coin98_wallet is the “Binance” of Vietnam, with an exchange, media, and ventures arm.