What the West Misunderstands about Crypto in Asia | Allen Ng, Everest Venture Group
Episode publishedPodcast: EmpireEmpire
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you for having me, man. Yeah. Yeah. You're you're you're absolutely you know, it's it's you're a fan of me, man. Like, I don't think I know everything about Asia, but I would love to share my experience.
Yeah. Okay. So we usually skip intros on Empire, but I think, you might be a new name and a new face for a lot of people listening to this. So the way that I think about EVG is so so Alan is the CEO and founder of of Everest Ventures Group. A lot of people know it as EVG. Been around for a while in crypto. And the way that I think about it, which is a rough comparison because there's, maybe maybe not a good one to use anymore, is kind of like the, people in the US will know DCG and Digital Currency Group and Barry Silbert and folks like that. And they they had a they were a holding company, ri
I I wouldn't say, you know, you mentioned DCG is wrong. In fact, when we when I decided to start a company, it was definitely one of the comms at the market we would kinda look at. And and my journey is quite simple. I was born and raised between different places, China, Philippines, a little bit of Hong Kong, US. And then, I I started, you know, doing startups, like, what, 2 startups, like, 12, 13 years ago in college. And, what was what startup first become a word, and then was lucky to do so, you know, have 2 small exits early on. And and as any founder who made a little bit of money early
So what are what is EVG today? How do you, like, even how many employees do you have? How many holding companies? How many investments? Like, what what what are you guys? Yep.
So, as of today, we have about 300 people across our, I would say, 3 main divisions. Right? So we have, the division, which quickly has become our largest, you know, practices, and we have, you know, open social protocol as the infra. And on on top of that, we got multiple different dApps, you know, composed on top of that. And, And, also, we got a gaming culture, which is like a you know, I would say where we had the initial success, by because when EVGA started, we we took a bet in gaming coming up. So we were the lead adviser and which helped also, publish the, like, sandbox, animal care, d
do you ray do you have an outside fund? Like, have you raised outside capital, or is it all internal prop capital?
Yep. So we raised a little bit of, not a lot. We raised probably, like, $10,000,000 when I started the firm. Mhmm. Most of them are my XLPs, I would say. But it's largely just prop cap, and then we we were lucky that we took a bet on the right narrative, I would say, and we, you know, quickly accumulated, you know, a sizable balance sheets. And then ever since then, we've been using our balance sheet to kind of continue to do investments and build products. And and lucky enough, like, over some of the product, they're successful. Many of them are cash flow positive. So so we're able to continu
let's get in let's move past EVG and just talk about, maybe this first big question about I'm curious what y
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