Private credit does not appear before equity markets do, it follows them. The US and Europe had angels/FOs, then #VC, then growth equity, then #PE, and debt infrastructure grew at each stage to support the equity ecosystem.
We are at the moment where the full stack is being rebuilt: compute, network, financial rails. Each layer creates a financing need that equity alone cannot serve. This is not yet in the base case of any major private credit allocator. That is where the #alpha is.
Another area to watch is the on-chain credit where covenants are monitored in real time, collateral is continuously marked, and settlement does not run through a correspondent banking chain operating on a 48h lag. The $10.7B in outstanding onchain loans is the proof it works.
Meanwhile the #US private credit reset is underway. Defaults in US private credit are running at twice the BSL rate (9% versus 4.5%). The beta trade is over. The era of forgiving documentation and inflating enterprise values is closing. Where does alpha migrate?
Equity investors get the narrative upside of the AI theme. Credit investors who underwrite correctly get collateralized exposure to the same theme with downside protection equity does not have. That is the asymmetry.
Fuse Energy is the most under the radar company in Europe.
Every year, the company has 10x revenue.
First Year: £2M
Second Year: £20M
Third Year: £200M
@alanchanguk is one of the great founders of our time.
🔥 20VC to come
@HarryStebbings I find a high correlation between not sending them and company not doing well. I get it sharing bad news is really hard. Ironically this is when transparent comms will build real trust and help the company (or the founders next company)
The big picture is clear: Hong Kong isn’t playing catch-up—it’s building the blueprint for how regulated digital finance will integrate into global markets.
Well done on this comprehensive market analysis! @ryanyoon_eth
🇭🇰 Hong Kong Web3 Market Analysis 2025 is live!
Author: @ryanyoon_eth
We cover Hong Kong’s growing Web3 market, with support from @gate_hk, @BitlayerLabs, @animocaresearch, @cyberport_hk, @TheSandboxGame, and ZA Bank.
🔍 What’s inside?
1⃣ Clear regulations 'ASPIRe'
2⃣ Leading RWA tokenization since 2022
3⃣ Financial expertise + tech talent
4⃣ Gateway to mainland China
Special thanks to @kevinlee_gate, @CharlieHusats, @Obsid1an_.
A must-read for understanding Asia’s Web3 shifts and Hong Kong’s key role.
💬🌟 Meet Our Esteemed Judge: Belinda Pham!
We’re happy to introduce @BelindaPham, Investment Manager for the family office of Sebastien Borget, Co-Founder & COO of @TheSandboxGame, as one of our esteemed judges for the Ga^3in Web3 Pitch Competition & VC Networking at CONSENSUS Hong Kong!
Belinda manages Sebastien Borget’s early-stage investments, focusing on sectors like Web3, AI, SaaS, and frontier-tech solutions. She manages 300+ portfolio companies on the direct investments strategy and has 18 General Partners under the fund-of-funds strategy.
Before venturing into Web3, Belinda built a strong career in investment banking at BNP Paribas, specializing in utility and energy deals, and later joined the $180M CVC fund of global energy leader Engie New Ventures. She also worked at Alibaba’s exclusive GP in Hong Kong and the accelerator of Animoca Brands as Portfolio Manager.
Belinda entered the crypto space in 2021 during the rise of NFTs, metaverse, and gaming ecosystems, and quickly recognized the growing trend toward decentralized ownership and on-chain consumer experiences.
🌐 Why pitch to Belinda?
With her vast experience in early-stage investments across multiple high-tech sectors and deep understanding of the Web3 ecosystem, Belinda brings a wealth of knowledge to our judging panel and is keen to discover disruptive, next-generation projects.
🎤 Ready to pitch your startup to Belinda and other top-tier judges?
📅 Apply now: https://t.co/EtmZq8FSRG
#Web3 #Blockchain #Ga3inVentures #PitchCompetition #VCNetworking #Crypto #Startups #Innovation #NFTs #Metaverse
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Today we spotlight @ethunity_eth, creator of this s-tier podcast 🍌
i dont want to listen to the same few people talking on stage about the same few topics every conference
I want
- new characters
- new perspectives
- drama