Electric capital crypto

But, really, the most important thing was that neither of these parties pre-established trust. Ethereum is like internet money, but you can program stuff on top of it; you can write rules on top of it. And I realized very quickly that the tech was real, even though the infrastructure was immature. I thought, good time to get into crypto and joined Electric. For me, Electric was very different from just joining a venture-capital firm. I think one of the interesting theses that the founders had for Electric is that a crypto-focused VC firm would be fundamentally different and would need to be built differently.

The last one they started together and sold it to Facebook. So, they were looking for people to join the team who were builders, who could code, who had an engineering background and who had built products before—because back in , and even now, crypto is moving at such a fast pace that the amount of internal infrastructure you would have to build to maintain a VC firm is really quite a lot. We feel like the differentiator for us is being very engineering-heavy and being very product-focused.

This means that we can go out and participate in the open-source ecosystems that crypto has to offer and that we can build a lot of products and infrastructure in-house, as well. Heather: In your role you largely focus on NFTs which have taken over in the last year. Can you walk us through what an NFT is and how it relates to cryptocurrency? That feels like a small shift; but it is actually, fundamentally, a step-function difference from real-world assets—the reason being that, when an asset is digital, effectively transferring it or doing anything with it is close to instantaneous, right?

Because information travels at close to the speed of light. That actually, fundamentally, changes what assets can be. All of these things mean that people have to take an inventory, and then they have to ship it out. One of the companies that we invested in is a company called 4K. They have these items represented as NFTs and now, all of a sudden, you can flip things at higher velocity. All of this trading can happen instantaneously. If you pull it together and then fractionalize that pool, you would actually be able to own a fraction of a collection of sneakers—and that would be an index that tracks the price of those sneakers.

And now that you have, effectively, this derivative product on top of it, you can also create options on top of that. So, you can hedge the price of the sneaker, and you can use these auctions to then create insurance products.

The kind of design spaces is infinite, because there are so many different things that you can do on top of that and that can happen very, very quickly. Heather: I heard that, when you decided to move to Electric Capital, some of your friends thought you were crazy. Why did you ultimately decide to go forward? And what was it like shifting from a founder to an investor in the organization?

Maria: Yeah. I feel that there are a lot of things that are high perceived risks but low actual risk. If you actually think the risk is much lower than what I thought that, effectively, the market thinks, then the reward does match up to that. For Electric, perhaps because I had a technical understanding of crypto, it was very interesting as a technology—and I think there are different considerations for what the risks could have been.

I felt like the riskiest thing, which is what everyone thought would happen, was maybe nothing would happen. And so, worst-case scenario would be a new kind of way that maybe different entities could work together and share a database without having to really trust each other. The rewards can be distributed, and people can trust the system—even though no one is technically running the system.

I think there are a lot of things, frankly speaking. When I was working on my company, when I was an entrepreneur and when all my friends were founders, I think we had a set of expectations for how venture worked. We knew there were certain rules, like, venture firms are looking for the billion-dollar unicorn.

I think for a lot of people, it was kind of unclear why that was the case. Like, why did it have to build a billion dollars? Heather: Is that okay. Do I have to be a unicorn? Maria: Yeah, or why is acquisition considered a bad exit? Like, why does it have to be an IPO? It has really made me realize that not everyone needs VC capital. I think VC capital comes with a very specific set of requirements that could be construed as baggage.

Heather: Do you get pitched all the time now? Often, people who hustle really hard are the ones who are very successful in the end. Heather: Crypto in tech, in general, is largely male. Talk to me about this and how you are realizing that as a passion of yours.

Obviously, tech has always had an issue with having more women in the workplace and having racial diversity or diversity in general. Frankly speaking, I think the problem is worse in crypto. And I think because of that initial cohort—not a lot of women were in it—it becomes harder and harder for women to join. It has brought in a lot of diversity, not just women, but a diversity in thinking. Heather: Without diverse opinions, things become more fallible.

Maria: I think the principle of crypto is to be more democratic, right? To break down centralized control, to return more power to the people who actually contribute. And part of that is that you need diversity to build a really robust product. If your profile picture is an animal and your name is a gender- neutral word, then you could really be anyone on the other side of that.

At Lippincott, we work with big brands who want to stay relevant, who want to grow, who are experimenting with different ways to express themselves and connect with their communities. Tell me about some innovative ways that brands are tackling NFTs, and what advice you would give to brands who have not yet dipped their toe in the water but want to. I see brands who come in and issue NFTs as merchandise and then leave.

The most successful NFT communities are just that. I think, at the end of the day, humans really just want a sense of connecting with people. We want to find our tribe. We want to be in rather than out. There are primal needs that everyone has.

That presents an opportunity for long-term investors. Garg also noted that Electric frequently stakes and locks its assets, such as with its FRAX position, and they acquired a large portion of that investment on the open market. Long horizons In some ways, heavy community allocations and having to buy tokens on the market makes investing more difficult, but Garg believes that long-term investing in a nascent, high-growth industry still presents enormous upside.

Long-term thinking is also baked into the structure of the funds. Garg noted that the liquidity providers to the new ventures will be locked for years.

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The firm has already invested a significant portion of the first fund into various projects alligning with its strategy. The second fund will also be utilized to invest in projects of these three categories. Electric Capital Headquartered in Palo Alto, California, Electric Capital presents itself as an early-stage venture firm focusing on cryptocurrency and fintech markets.

The company invests in projects and startups involved with the cryptocurrency markets. The firm boasts a diverse portfolio of investments ranging from crypto-related startups such as CoinList to blockchain solutions including Elrond, and Maker. According to a press release provided to CoinDesk, the funds will have a wide-ranging focus on decentralized finance DeFi , non-fungible tokens NFTs , decentralized autonomous organizations DAOs , layer 1s and blockchain infrastructure.

However, co-founders Curtis Spencer and Avichal Garg said in an interview that while the types of investments the funds will consider will be broad, they will specialize in projects with a strong community focus and fair launch token allocation.

That presents an opportunity for long-term investors. Garg also noted that Electric frequently stakes and locks its assets, such as with its FRAX position, and they acquired a large portion of that investment on the open market. Long horizons In some ways, heavy community allocations and having to buy tokens on the market makes investing more difficult, but Garg believes that long-term investing in a nascent, high-growth industry still presents enormous upside.