The story behind the myth of Web3 VC Polychain!

Polychain was founded 8 years ago, and the fund size has expanded from 4 million US dollars to 5 billion US dollars. All this is inseparable from the unique vision and courage of the founder Carlson-Wee.

Let's talk about Carlson-Wee's story first. In 2011, he was a junior at Vassar College in New York. That summer, he learned about a virtual currency called BTC and that it could be used on an underground drug market called Silk Road. He invested almost all of his savings ($700) in BTC. At the time, the price was between $2 and $16. He also wrote a sociological paper on cryptocurrency.

After graduating in 2012, he sent the paper to Brian and Fred, the co-founders of Coinbase. Not only did they read it, they also hired Carlson-Wee as the first employee to be responsible for customer service. Interestingly, he insisted on using Bitcoin to receive an annual salary of $50,000, which now seems to be true🐂

In 2016, Carlson-Wee decided to leave Coinbase and start a crypto hedge fund. He said: "I realized that Coinbase would go its own way with or without me. And I wanted to re-experience the excitement of entrepreneurship." In this way, Polychain was born.

Polychain's famous work is ETH, which was priced at less than $12 at the time. Carlson-Wee likes to invest money in technologies that he believes have disruptive potential. He said: "I like to be the first to believe in someone. Our goal is to invest in breakthrough technologies that can bring new types of human organizations and behaviors."

Polychain's most ambitious investment attempt is to go to DeFi, which uses blockchain technology to be cheaper, more private, more secure, and even replace traditional financial institutions. Polychain invested in U**, C**, M** and d**, the big winners in the DeFi field, in the early days, and received rich returns.

At that time, there were also many Web2 venture capital institutions that wanted to get a piece of the pie, such as Sequoia Capital, Bain Capital and Founders Fund. These traditional institutions are not convenient to directly participate in the encryption market, so they invested in Polychain, so the size of Polychain's fund grew rapidly.

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