Beyond Crypto Bros

Margaret Gabriel, Head of People and Culture, CoinFund

1. How did you get to your current role, and what do you do?

I am the Head of People & Talent at CoinFund. My job consists of two critical and interdependent responsibilities: (1) ensuring CoinFund is a highly engaged, high-performing firm and culture that attracts, engages, and retains top performing Web3 investment talent and (2) supporting our portfolio company founders as they navigate their own people and talent related challenges (think executive coaching and development, leadership team efficacy, and hiring strategy).

I got here by following my deep-seated and constantly evolving interest in people and teams. I started my career in mental health counseling and pivoted to apply those skills to the corporate space. I joined People Operations at Google in 2014. While there, I became personally intrigued by the topic of women and financial literacy (this was during the 2017 BTC bull run). My department head at Google got a recruiter to be Head of People at Gemini (the crypto exchange), and I followed her to step full time into crypto — and haven’t looked back.

At Gemini, my role evolved from building out the recruiting function to creating and facilitating leadership training, coaching, and development to people managers across functions and levels. It was an amazing experience.

I had just celebrated my 4-year anniversary at Gemini when CoinFund reached out to come do people development work for the firm and for the 100+ portfolio company founders and teams. So, at 12 weeks pregnant and brand new to the venture and investment firm world, I started with CoinFund in June of 2022.

Coaching, recruiting, and talent development is exciting in and of itself, but it is especially engaging and challenging to support founders who are working to build and evolve an entirely new industry.

2. Are there specific insights or experiences you would like to share concerning your involvement in Web3?

Many people will tell you that a career in web3/crypto is risky or that you must have a significant “risk appetite” to want to work in or stay in the industry. My opinion is that this is a limiting belief. I’d actually argue that it’s risky not to pursue the industries that are the most cutting edge, the most potentially transformative, the most hotly debated. So I’d encourage anyone who is hungry and curious to pursue the space (whatever your risk appetite might be).

3. What are your predictions for the Web3 landscape in the year 2025?

Since my focus tends to be on talent/people, I’ll answer this question from that lens. I think the election will have continued ramifications on the perceived legitimacy and funding of the Web3 industry. This is especially important, because in 2025, we are at a juncture where continued maturation of decentralized finance and decentralized governance structures could lead to widespread institutional adoption and regulatory clarity under a supportive Office. Continued legitimacy would mean traditional banks, funds, asset managers, and financial institutions expand their Web3 strategies and thus open roles to support those strategies.

We could see Web3 become a major employer in the U.S. Policy decisions will affect the broader tech environment. A more supportive administration could lead to increased capital flowing into Web3 startups, while regulatory uncertainty might push innovation to more crypto-friendly jurisdictions like Singapore or Switzerland.

Tricia Lin, Executive Vice President of Research & Information at Blockworks

1. How did you get to your current role, and what do you do?

I’m the Executive Vice President of Research & Information at Blockworks, a crypto and blockchain media and intelligence brand that delivers insights and news about digital assets.

I began my career at Bloomberg LP, where I started in customer service and eventually managed an analytics team and began selling the Bloomberg Terminal to Equity Research Analysts. I then transitioned to various roles in investment research and operations, eventually moving to Morgan Stanley Private Wealth, where my clients introduced digital assets around 2015, sparking my interest in the emerging field of cryptocurrency.

I took a leap of faith by leaving Morgan Stanley to join a digital asset venture capital firm, driven by my philosophical alignment with the concept of financial inclusion and the potential for growth in the cryptocurrency market. I then went on to take lead sales and leadership roles at Anchorage Digital and Binance.US, and now Blockworks.

At Blockworks, I own the P&L of our intelligence platform, spanning research, data & analytics, governance, and protocol consulting. My team’s job is to provide the critical analysis and insights that help investors and protocols navigate the rapidly evolving digital asset landscape. I am incredibly grateful that I can leverage my background in finance, and passion for blockchain technology, and more to contribute to the understanding and adoption of digital assets among a broader audience.

2. Are there specific insights or experiences you would like to share concerning your involvement in Web3?

I have this theory about finding your sweet spot – the perfect combination of going both wide and deep in your exposure, research, relationship cultivation, and industry knowledge – and this varies person to person. Being in Web3/crypto has changed me fundamentally as a person for the better. The rapid pace of change in this industry has encouraged me to be adaptable and open-minded, where thriving in uncertainty and embracing ambiguity have become the norm. And always know your worth and fight for it!

3. What are your predictions for the Web3 landscape in the year 2025?

Here are a few of my predictions, in particular for Web3 in consumer/retail/luxury industries:

• The resale market for luxury goods will become more regulated and trustworthy due to blockchain verification, potentially reviving interest in authentic luxury items. Meanwhile, counterfeit luxury goods will become significantly harder to produce and sell, as blockchain-based authentication becomes standard. This will cause a revitalization of the luxury goods market.
• Personalized shopping experiences will become the norm, with brands using securely stored customer data to offer tailored products and services. Virtual and augmented reality experiences will become a standard part of luxury retail, with brands creating immersive digital environments to showcase products.
• Cross-border commerce will be streamlined through blockchain-based systems, reducing barriers to international luxury purchases.
• Luxury brands will focus on creating holistic experiences that blend physical products with digital interactions, enhancing customer engagement and loyalty.
• The Web3/digital asset industry will thrive with increased participation by women. There’s a lot of work to be done, but it continues with fearlessness and action.

May Wang, Founder, SoSoValue

Alumni Ventures portfolio company

1. How did you get to your current role, and what do you do?

I have over 20 years of experience in investment banking and venture capital, having held senior leadership roles at institutions like Huatai United Securities and China International Capital Corporation before founding my own hedge fund in 2017, managing over $1 billion in assets. My focus has always been on identifying and investing in transformative technology companies.

When I entered the crypto investment space, I found it extremely difficult to navigate the information landscape as an investor. The data was often scattered, noisy, unstructured, and lacked transparency. While good research platforms existed, they were prohibitively expensive, which I found counterproductive to the industry’s growth. Crypto still faces significant adoption challenges, and blockchain technology should be about giving everyone a fair chance to succeed, not just making the rich richer. This realization has led me to dedicate the next decades to solving this issue by building an AI-driven crypto investment research platform. My goal is to level the playing field for all investors, making high-quality investment insights accessible to everyone.

2. Are there specific insights or experiences you would like to share concerning your involvement in Web3?

One of the biggest insights I’ve gained from my time in Web3 is the critical importance of making complex data accessible. In the digital asset space, investors — both institutional and retail — often face an overwhelming amount of information that can be difficult to digest. Leveraging advanced AI and data analytics can help break down this complexity and provide actionable insights that allow investors to make informed decisions.

For professionals considering a move into Web3, I would advise focusing on the intersection of AI and blockchain technology. I believe meaningful integration of both worlds will spur a new innovation cycle. Furthermore, when evaluating opportunities, it’s crucial to look beyond hype and focus on real utility and adoption potential. Uncovering the real user needs and delivering real values to users is essential for long-term success.

3. What are your predictions for the Web3 landscape in the year 2025?

By 2025, I believe we will see significant mainstream adoption of digital assets, driven by the development of more user-friendly platforms and the introduction of regulated financial products such as Bitcoin Spot ETFs. The lines between traditional finance and Web3 will continue to blur, with more institutional investors entering the space. I also expect AI and blockchain technologies to become even more intertwined, providing investors with deeper, more actionable insights. The key challenge will be ensuring that innovation in the space continues to democratize access to high-quality data and opportunities for all investors, not just a privileged few.

Devika Mittal, Regional Head, Ava Labs

1. How did you get to your current role, and what do you do?

I head South Asia for Ava Labs, a company that provides an open-source platform for the creation and execution of decentralized applications (dApps) and enterprise blockchain deployments and utilizes the Avalanche consensus protocol. In my role, I work with large enterprises, government agencies, startups, colleges, and more to grow the Avalanche ecosystem, educate developers, and champion blockchain in the region. Prior to Ava Labs, I was at OKX (formerly Okcoin) looking at token listings for the licensed markets.

As to how I got here, I would say it’s been a meandering path. I majored in Strategy, Politics and Policy (an interdisciplinary concentration major I crafted myself) at Yale, did TMT consulting as my first job out of undergrad (where I learned how to use Excel for the first time), then Microsoft Corporate Strategy, then business school at Wharton before getting to Okcoin. Key factors: an interest in technology, emerging markets, blockchain, and mentors (shoutout to Alex!) who believed in me and gave me a chance in the crypto space.

2. Are there specific insights or experiences you would like to share concerning your involvement in Web3?

Insights: I’ve been peripherally in the space since 2017 and actively since 2021. What I can say is that the industry changes every three months as new breakthroughs occur both within Web2 and outside. What we’re seeing now is a surge in interest in DePIN (decentralized physical infrastructure) and AI+blockchain projects. For me, what is most interesting is the way that AI is automating some of the complexities associated with blockchain and reducing the barriers to entry, whether it’s in writing code or in trading crypto tokens. Beyond that, I remain bullish on the institutional adoption of blockchain technology as we see more and more large organizations push data on-chain in loyalty, data management, supply chain, trade financing, etc. (all of which you’ll see on Avalanche)

Experiences: It’s been a wild ride. I will say, just as the general tech space is, Web3 can be a lonely place to be a woman. It’s important to find some cheerleaders and friends and support each other through the market’s cycles.

3. What are your predictions for the Web3 landscape in the year 2025?

• Meme trading will continue being a thing, but expect to see some regulation around it, especially in licensed markets like the U.S. and EU.
• Large institutional adoption, starting from the U.S. and spreading worldwide.
• Everybody will want their own L1 if they have significant transactions; the era of major L2s or L3s will finish.
• Re-emergence of Web3 gaming in a big way as tokenomics get figured out and projects with their own L1s can put all their transactions on chain.

Polina Bermisheva, Partner, TenSquared Capital

1. How did you get to your current role, and what do you do?

I am a partner at TenSquared Capital, a mid-stage VC/growth equity firm focused on Web3 and fintech. I am responsible for sourcing and diligence, and I also lead our firm’s research efforts. Before TenSquared Capital, I was a principal at 10T Holdings, a $1.2 billion AUM growth equity firm also focused on Web3 and fintech. Prior to that, I was in an operating role, launching and managing crypto trading and asset management products at a startup digital asset investment platform, Element Group. I spent the first half of my career in consulting and investment banking, specializing in the financial institutions sector.

2. Are there specific insights or experiences you would like to share concerning your involvement in Web3?

I have been investing in Web3 and fintech for the last five years, and I am excited about the potential of Web3 to transform the way we pay, invest, and socialize using blockchain technology in the coming years. The Web3 industry is one of the most dynamic and fast-changing frontier markets. I am thankful for the opportunity to see the growth of the ecosystem through varying market cycles — the ups along with the downs — and appreciate the knowledge of the unique attributes and nuances of Web3 markets.

We are a research-focused fund, and all of us have experience working at traditional financial institutions and investing in both equity and token funding rounds. The Web3 ecosystem encompasses multiple subsectors, which, despite all using blockchain, have meaningful differences. We focus on select domains where we believe the opportunity for transformation is greatest: stablecoin infrastructure, remittances, tokenization, digital identity, loyalty programs, staking, creator incentives, blockchain gaming, decentralized AI infrastructure, and Web3 security.

3. What are your predictions for the Web3 landscape in the year 2025?

1. Stablecoins. Crypto payments are the next big opportunity in crypto; they are cheaper, faster, and easier to trace, than legacy payments. I believe that stablecoin infrastructure will be radically improved to be ready for global fintech adoption. Many major fintech companies will start integrating stablecoin infrastructure and even launch their own stablecoins. We will see significant progress in developing a comprehensive regulatory framework, like MiCA in the European Union, that will finally be adopted in the United States. There will be more yield-bearing stablecoins and other novel stablecoin-based financial products in the next year.
2. Crypto x AI. AI is rapidly advancing, and it’s becoming increasingly important for people to differentiate between human- and AI-generated content online. Blockchain provides an essential framework to anchor the authenticity and provenance of content on-chain. I believe that proof of personhood/human
   verification projects that digitally verify an individual’s humanness and uniqueness will get significant traction and onboard tens of millions of new users this year. We will also see more projects using blockchain to protect IP rights with cryptographic digital signatures and timestamps.
3. Prediction markets. With widespread stablecoin on-ramps, improved scalability, lower transaction fees, and enhanced UI/UX in crypto, crypto prediction platforms are well-positioned to expand their markets beyond the U.S. elections and politics. We will see billions of daily trading volume in crypto prediction platforms in markets other than politics. Web2 companies will start to integrate crypto prediction markets to make better decisions and mitigate their risks.
4. Tokenization. Tokenization brings new use cases and digital distribution channels to traditional markets while enabling improved operating models, such as those facilitated by digital identity and smart contracts. We will see that many major tradfi institutions will launch tokenized financial products next year, e.g., funds, debt, or other products. Some of these major institutions may even start using decentralized financial rails. We will also see more innovative tokenization products from decentralized financial platforms.

Joyce Lai, Web3 Consultant, Organizer of Crypto Mama Group

1. How did you get to your current role, and what do you do?

I am a builder at heart with a lawyer’s training. I consult with early-stage Web3 companies and teams through New Territories LLC, a boutique consultancy. I am a self-taught developer and love experimentation. Currently, I am creating my first generative art project.

The core philosophy of self-sovereignty in crypto really appeals to me. The idea that you can custody your own money, own your own data, and build freely is what initially captured my attention. While working as a private funds lawyer at a New York law firm, I spent many evenings after work attending meetups to learn more about the space. I joined ConsenSys as in-house counsel in 2017, and when I left in 2021, I realized that I wanted to continue working with early teams. With more flexibility to experiment, I participated in my first hackathon as a non-technical team member. Our project won the hackathon, and since then, I’ve been hooked on building things. Knowing that learning to code would be a huge advantage, I committed myself to the process. Now, I’m confident in my ability to better understand technical products in my consulting work, while also having the freedom to experiment with my own projects.

On the legal and policy side, I co-founded an industry-leading conference for crypto legal practitioners called the Fordham Law Blockchain Regulatory Symposium. It is an invite-only event where about 250 top legal professionals gather to discuss the state of the industry in an intimate setting.

2. Are there specific insights or experiences you would like to share concerning your involvement in Web3?

Working in Web3 provides many benefits, but there are also challenges. As a mother to a toddler, I appreciate the remote-first culture that permeates Web3, which gives me the flexibility to manage my schedule in a way that works for my family. However, because the industry is so global, there is often a demand for travel to conferences, and calls frequently span multiple time zones. It’s a balance that each person must navigate for themselves, but the flexibility to create a life that works for you is one of the biggest advantages. I also helped create a community called the “Real Mamas of Crypto,” where mothers in crypto can support each other.

3. What are your predictions for the Web3 landscape in the year 2025?

• Continued experimentation with Crypto x AI: There are many projects exploring ways to help people use and monetize their data in language models. However, this is still in its early stages. I’m excited to see how this space evolves and what innovations will emerge.
• U.S. crypto-related legislation: The crypto industry is in dire need of regulatory clarity in the U.S. Over the past year, there has been extensive policy work, and I hope this leads to fair, innovation-preserving legislation that supports the growth of the space.