IOSG Ventures

Research-driven fund backing the builders of frontier digital infrastructure. Investing since 2017. Pitch: [email protected]

[IOSG Ventures @IOSGVC]

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[IOSG Ventures @IOSGVC]

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[IOSG Ventures @IOSGVC]

@fyp_leo Thanks!

[IOSG Ventures @IOSGVC]

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[IOSG Ventures @IOSGVC]

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[IOSG Ventures @IOSGVC]

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[IOSG Ventures @IOSGVC]

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[IOSG Ventures @IOSGVC]

IOSG is glad to announce an investment in @immersve. It represents our conviction in the payment architecture to bridge the gap between stablecoin balances and everyday commerce.

[IOSG Ventures @IOSGVC]

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[IOSG Ventures @IOSGVC]

@GMA_DAO @jocyiosg 🚀🚀🚀

[IOSG Ventures @IOSGVC]

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[IOSG Ventures @IOSGVC]

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[IOSG Ventures @IOSGVC]

@Foresight_News 🚀🚀🚀继续为大家带来优质内容

[IOSG Ventures @IOSGVC]

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[IOSG Ventures @IOSGVC]

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[IOSG Ventures @IOSGVC]

Highlights:
🔹 Who filled @coinbase's Bitcoin loan book? @sparkfinance was one of the main LPs, supplying up to 80–90% of the liquidity as the product grew from $0 to $600M.
🔹 The money is no longer crypto-native, crypto-native liquidity is thinning.
🔹 Who's actually borrowing? 35% crypto hedge funds, half of it OGs levering BTC and ETH. And off-chain OTC lending is still twice the size of everything on-chain.
🔹 In Asia, a good product only gets you to the table — trust, distribution, regulation, and what Western protocols keep getting wrong out here.
🔹 Seven years, still no fixed rates: the cold-start problem, and whether the yen carry trade can finally move on-chain.
🔹 "In three to five years, you won't hear about DeFi" what both of them think is left standing once the label goes away.

Hope you enjoy this episode!

[OFR House @ofr_house]

Who Funds Crypto's Loan Book?

The bottleneck in DeFi lending may not be capital. It’s origination.

In this episode, our Managing Partner @momir_amidzic sits down with @hexonaut, Co-founder / CEO @sparkfinance and @shanandwater, APAC Lead @Morpho for a full teardown of where the money comes from, who's borrowing it, and what the market still can't do.

Timestamps

00:45 Intro
02:05 Seven years of money markets
07:00 Morpho vs Spark 　
08:55 "The world of credit is $200 trillion, crypto is a tiny fraction of it"
10:15 Two games in money markets　
17:45 Who filled Coinbase's Bitcoin loan book 　
21:40 West vs East: Crypto as one of the last deep techs that's still global 　
29:05 Is an HKD stablecoin any different from holding USDC?
35:50 Who's actually borrowing: are money markets just leverage facilitators? 　
40:10 "Perps are more of a retail product" 　
42:10 The bottleneck isn't capital, it's loan origination 44:35 The missing pieces
56:40 Market narratives
01:08:10 The DeFi mullet: blockchains are becoming back-end infrastructure 　
01:11:20 Predictions

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[IOSG Ventures @IOSGVC]

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[IOSG Ventures @IOSGVC]

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[IOSG Ventures @IOSGVC]

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[IOSG Ventures @IOSGVC]

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[IOSG Ventures @IOSGVC]

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