Share some recent communication with funds in the United States, the Bay Area, and New York:

1. Some AI robot crypto hybrid funds are unable to invest in Chinese passport founders because LPs have received some government funding. The decoupling of China and the US in AI robots has unintentionally harmed crypto founders. First, check whether the passport holder is from a Chinese fund and whether they are involved in Chinese business; if all these are yes, then pass. This surprised me a lot, but I completely understand... New York is actually great in this respect; foreign crypto funds who fking care where you are from are very inclusive of Asian entrepreneurial teams, especially in the RWA direction.

2. Silicon Valley money is more than NYC money, especially for first-tier funds, and fundraising is difficult even in New York.

3. Top crypto companies still have money, regardless of market conditions, but at the very least, they present a strong front. A simple office on one floor.

4. American funds really don't understand the business logic of East Asia. This doesn't mean that any entrepreneur telling an East Asian story can get buy-in; only a few funds with East Asian traction can grasp the business logic and provide support. However, the vast majority of American funds actually find it difficult to buy in. I can understand this; when I was at Matrix Partners, if a North American white CEO came to pitch me an opportunity in the South American market, I would also find it abstract, then pass.

5. The foundation traction your data, fast forward to the vc investment valuation model for mature market pspe. The foundation still believes in dreams, but not so much anymore 😂.

6. In terms of dating efficiency, SG > SZ > NYC >> SF. In terms of practitioner density and quality, NYC > SG > SF > SZ. In terms of communication with the team and with clients, SZ ≈ SG > SF >> NYC. Truly building still needs to happen on Asian time...