Pantera Capital, With $3.5 Billion in Assets, Plans to Expand Web3 Investments in Korea

Interview With Pantera Capital Partner Nihal Maunder

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"Korea is the most important Web3 market after the U.S. Pantera Capital plans to expand investments tailored to the Korean market."

Nihal Maunder, a partner at Pantera Capital, said in an interview with Bloomingbit on April 29 that Korea would play a major role in the future of Web3. Pantera recently invested in Korean Web3 research firm Populous at a valuation of 30 billion won ($20.8 million). Maunder said one reason for the investment was to better understand the Korean market. He added that the firm plans to take a deeper look at how Korea's Web3 ecosystem is building products.

Pantera Capital, founded in 2003, is a large U.S. venture capital firm. In 2013, it launched the Pantera Venture Fund, the first blockchain-focused fund in the U.S., establishing itself as a crypto-focused VC. Its blockchain assets totaled $3.5 billion as of April. Of about 260 early-stage portfolio companies, 25 have grown into unicorns, or private firms valued at more than 1 trillion won ($694 million).

"Korea's Security Token Bill Is a Milestone in Opening the Web3 Market"

Maunder said Pantera's investments in Korea would not be limited to Web3 companies. The firm plans to cast a wide net, from traditional institutions to decentralized finance, or DeFi. Pantera has invested across a range of company types and sizes, he said. Any business with links to the Web3 industry, including stablecoins, could fall within its scope.

He also expressed optimism about Korea's efforts to formalize digital-asset rules. Maunder highlighted legislation related to security tokens, or STOs, that passed the National Assembly in January. The law clearly sets out a path for tokenization businesses, he said. With clearer regulations and guidelines in place, institutions can build services and products for users already familiar with Web3. He added that the measure could open the market in a significant way and called it a major step forward.

Maunder cited Pantera's global network as its biggest advantage in expanding into Korea. The most valuable thing the firm can offer the Korean market as a global partner is the network it has built since 2013, he said. That network is not easily replicated. More than a decade in the global Web3 industry has also given Pantera a strategic perspective on responding to regulatory shifts across markets. It can also provide access to partners and infrastructure suited to each business, he said.

"A Korea Office Is Something We Could Consider"

Maunder said the founder is the most important factor in early-stage investing. Pantera was an early investor in Circle, the issuer of USDC; Ripple, the company associated with XRP; and blockchain-based lender Figure. The firm's investment principles have not changed, he said. What matters is backing founders who can navigate volatility and the full range of market swings a business may face. The qualities of a strong founder can vary by region, he added, making reliable local partners important in each country.

Maunder also said the crypto market could regain upward momentum within one to two years. Institutions around the world, in both Western markets and Asia, are entering the Web3 industry, he said. That trend has yet to be reflected in prices. Once macro factors drawing investors' attention, including war and artificial intelligence, begin to stabilize and normalize, institutional adoption will start to show up in the market, he added.

Asked about the possibility of opening an office in Korea, Maunder said it was something on the firm's roadmap worth considering. There are no concrete plans yet, but Pantera is open to the possibility and will review various options with Korean partners, he said.

Lee Jun-hyung and Jin Uk, Bloomingbit reporters, gilson@bloomingbit.io