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So far, 2023 has been a tough year for crypto, with a persistent down market and regulatory uncertainty that will likely send many blockchain ventures overseas for more favorable conditions.

Yet the potential of blockchain to improve life for everyone remains with an increasing number of projects with practical use cases. A recent survey by Inmind showed that the majority of 174 venture capital firms from Europe, Asia, the Middle East, and the U.S. are looking forward to the end of this crypto winter by the end of 2023.

Capital investment continues to pour into the blockchain space – with GameFi and Metaverse receiving the most at the beginning of the year and Web3 Infrastructure and DeFi projects rising to the top of the list by the time of the survey.

For a closer look at the direction of investment in Web3, we interviewed Cathryn Chen, Founder and CEO of MarketX, a global VC firm focusing on fintech, deeptech, and vertical SaaS.

Chen began her path of successful investments while still in her 20s, and was named among Forbes 30 under 30 Asia, Finance & Venture Capital in 2019. She has facilitated over $250M in investments for more than 30 family offices and funds across Asia and the United States.

We spoke with Chen to learn more about where VCs and investors are looking for the next big thing and how soon they think a recovery will happen.

Also Read:Why Dogecoin Co-Founder Thinks Elon Musk's New AI Company Will Be 'Really Interesting'

Photo Credit: MarketX

BZ: What is the main focus of MarketX?
Chen: We are a global investment platform, starting in 2015, working with family offices, institutional, and retail investors. The goal was to give everyone access to pre-IPO deals through a FinTech platform. Two years ago, we launched a new platform that allows people to invest using crypto, not just in meme coins but also in more proven companies such as SpaceX and Neuralink.

Now we're becoming more of a Web2.5 Private Bank. We also give people the option to buy Treasury Bills with crypto. The platform lets people buy traditional financial products, leveraging their crypto holdings.

BZ: What has been the reaction of affluent investors to the SEC's recent regulatory wranglings?

Chen: For the higher net worth individuals, there are always 10-20% higher-risk products in their portfolio. Over the last few years, higher-net-worth individuals have increased their alternative investment from 10% to approximately 15-20%.

So that has been a transformational change in terms of how our industry works, [and is] why so many more advisors are now spending time talking to their clients about PVC.

BZ: Is the U.S. losing Web3 talent based on its uncertain regulatory structure?

Chen: In the last 6-to-9 months, I have seen many talented founders moving to places like Zurich, Dubai, Abu Dhabi, and Saudi Arabia because the UAE greenlights crypto platforms much more quickly.

The U.S. is losing its edge when it comes to crypto adoption. If we can implement rules that actually help prevent bad actors, there's still room for us to develop. If we don't, someone else will.

BZ: Is the current blockchain investment client not conducive to early success stories like yours? Would it be the same if you were starting out now?

Chen: I think the reason I have been in the right place at the right time. When I started my career, I wanted to build an international business. In 2012, I decided to go back to Asia. And that was the height of the Hong Kong IPOs. So I hit at the right time there. Then in 2014, based on observing market trends and how my smartest friends were starting companies in Silicon Valley, I decided to move back to California, where I grew up.

I was 24 when I joined a startup, and we raised $80 million. Our first company was founded by Sequoia and Lightspeed. I wanted to be part of the experience where I could see how to grow from zero to one, how to work with major players, and the best of the best in venture capital.

BZ: What do you expect the Web3 landscape to look like in the near future?
Chen: We see a future with more development of stable return investments in crypto. I see the necessity of merging Web2 and Web 3. We need this new generation of investors who have learned that investment matters.

If we can adopt more traditional alternative products and merge that with the world of crypto, we can offer the average investor a much better product that's less risky. I think that the marriage of web 2.0 and 3.0 needs to happen in order for crypto to get on the right path.

BZ: What should investors focus on in this uncertain market?
Chen: We should focus on something more long-term. If you look at the real return over a time horizon of 10 to 20 years, it is always real technology companies solving real problems that deliver those returns.

We are very focused on deeptech. We need to look at transportation infrastructure. We need to reduce waste and look at how to turn waste into aviation fuel. We need to look at how to come up with a cheaper electric grid. We need to lay the foundation for the next 20 to 30 years.

On top of that, the whole AI revolution is happening. I just returned from a trip to Silicon Valley, where in 2 days, I met 40 different companies. You can see the VCs are becoming increasingly optimistic about the future because they see real innovation being built by people.

BZ: What is the secret to your early success?
Chen: I think you should not listen to everyone all the time. When I chose my path, leaving JPMorgan to join a two- or three-person startup in Silicon Valley, everyone thought it was career-ending. Then I left that successful company to put all my savings into my own company and pay myself nothing, sleeping in the living room of a San Francisco apartment.

I'm a firm believer that in whatever you do, you have to have conviction. And maybe everybody else will say no because most people don't know your story. I believe in what I do. And I'm going to have some level of resilience and consistency. Every day I put in more work and believe that this is the direction I want to go. I have a unique view of the world. And if it succeeds, it's going to succeed big. I think that's the entrepreneurial journey for a lot of women.

BZ: Is the entrepreneurial journey harder for women in Web3?
Chen: When you go to Silicon Valley, if you just scan through the number of founders who got major backing, they're generally men. That's not a surprise to a lot of people. I couldn't get any funding from Silicon Valley because everyone looked at me and said, "I'm sorry, but you know, you have a great idea, but maybe somebody else." One guy said, "Oh, that's a great idea. But I'm sorry, you're just a girl with an idea."

Some people might not take you seriously. But keep believing, and someday someone will believe in you. Somehow I was able to convince 12 billionaires to back me when I was 24 years old, naive, and honestly made every mistake there is. Somebody will see your hard work, your drive, and ambition and hopefully go on this journey with you.

Now Read:If You Had Invested $100 In Bitcoin 8 Years Ago When Bill Gates Called It 'Better Than Currency', Here's How Much You Would Have Now

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Wes Streeting admits he did not anticipate scrapping NHS England – and 9,000 will lose jobs

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Wes Streeting admits he did not anticipate scrapping NHS England - and 9,000 will lose jobs

Wes Streeting has admitted he did not anticipate scrapping NHS England when he became health secretary but said it is a “necessary step”.

Before Labour won last summer’s election, Mr Streeting said he had “absolutely no intention of wasting time with a big costly reorganisation” of the NHS.

However, hours after Sir Keir Starmer dropped the bombshell that NHS England, the administrative body that runs the national health service, will be abolished to slash red tape, the health secretary said his mind had been changed.

Politics latest: Mood in NHS England ‘very low today’

He told Trevor Phillips on Sky News’ Politics Hub: “I didn’t anticipate coming in wanting to make this change to NHS England. It wasn’t on my list of priorities.

“I recognise that in order to achieve the change I want, this is a necessary step.”

He said his instincts were to not scrap the quango “unless it was necessary”.

“I’ve concluded that it is necessary because you can’t have a situation where you’ve got two head offices duplicating work, a man marking each other, sometimes working against each other,” he added.

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The government has not yet said how many jobs are expected to be lost

9,000 plus will lose jobs

Mr Streeting also confirmed thousands of people will lose their jobs, answering “yes” when asked if the move means more than 9,000 civil servants will be out the door – around half of the 19,000 people the health secretary said work for NHS England and the Department of Health and Social Care.

He acknowledged it “will be an anxious time for them…there’s no way of sugarcoating” it.

“But we will be treating people with care and respect and the fairness that they are owned through this process,” he said.

He said the Conservatives inherited the “shortest waiting times and the highest patient satisfaction in history” when they won the 2010 election, but said they “turned it on its head”.

He claimed the Labour government “is fixing it” but added: “We do have to put a foot down on the accelerator.”

The health secretary reiterated his previous comments that it would “be daft not to use spare capacity in the private sector” to alleviate pressure on the NHS.

Read more:
What is NHS England and what does abolishing it mean?

‘No return to austerity’ after NHS announcement

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Jeremy Hunt ‘cautiously optimistic’

However, he denied getting rid of NHS England is about part privatisation of the health service.

“With Labour, it would always be a public service free at the points of use,” he said.

“There are lots of people who are now paying to go private, and it’s those who can’t afford it who are getting left behind. I want to end that two-tier system.”

Sir Keir said axing NHS England will bring management of the NHS “back into democratic control” as it returns to the Department of Health and Social Care 12 years after the Conservatives created it.

The prime minister said the result would end the duplication from two organisations doing the same job, freeing up staff to focus on patients and putting more resources on the frontline.

Watch the full interview on Politics Hub With Trevor Phillips at 7pm.

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If Sir Keir Starmer doesn’t deliver on his reforms, then only Reform UK and the Tories will benefit

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If Sir Keir Starmer doesn't deliver on his reforms, then only Reform UK and the Tories will benefit

When Sir Keir Starmer landed in Hull on Thursday as the latest prime minister proposing to reshape the state, he wanted to show he meant it, announcing he was abolishing the world’s largest quango – NHS England (and with it 9,000 jobs).

Significant, decisive and designed to make the point – the prime minister grabbed attention for the argument that he wanted to make around tackling an “ever-expanding” state that was, in his words, “weaker” than it has ever been, and failing to serve the public properly.

This is his diagnosis and his remedy, reform: dispensing of regulators, cutting red tape, injecting artificial intelligence in the backbone of the state to improve efficiency and cut costs (and jobs).

Politics latest: Thousands to lose jobs as PM abolishes NHS England

On most of this he was vague – heavy on rhetoric but light on detail, but the symbolism of abolishing NHS England was clear for all to see: this prime minister is borrowing from a Conservative playbook in an effort to improve services through deregulation, public service cuts and a bonfire of red tape.

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Watch: Sir Keir Starmer announces that he is scrapping NHS England to reduce bureaucracy in the NHS

Sir James Bethell, a Conservative peer and former health minister, retweeted the prime minister’s announcement on scrapping NHS England with the words: “I wish we’d had the guts to do this.”

Sir Keir is also signalling he’s prepared to have a fight – not just with the “blockers” or the “NIMBYs”, but with his own party, public sector workers and the unions as he takes a scalpel to the state.

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Reforms are ultimately about winning a second term

The prime minister said every arm’s-length governmental body was up for review – and also, in a couple of weeks, he will take aim at the burgeoning welfare budget in an effort to find billions in savings as he looks to deal with the squeeze on the public finances through spending cuts rather than tax rises or loosening his chancellor’s self-imposed borrowing rules.

Taking on the state in one form or the other is something many a Conservative prime minister, not least Liz Truss, have often talked about, and now Sir Keir is adopting this approach. But for him, the ultimate pragmatist, this is not about ideology but something else – delivery, and ultimately, trying to win a second term.

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Watch: Beth Rigby explains why the PM wants to scrap NHS England

This is him explaining his motivations to his cabinet in a letter he sent to all his ministers last month: “Politics is no longer built around a traditional left-right axis. It is instead being reimagined around a disruptor – disrupted axis. If governments are not changing the system in favour of working people, then voters will find someone else who does.

“We need to be disruptors – on behalf of those ordinary, working people who just want more security in their lives and a country that is on its way back up again.

“That means taking on vested interests of all kinds, it means challenging laws that hold Britain back, stripping back regulation that stifles progress, moving power out of Westminster and back to communities across the country. It means standing up for ordinary people who feel shut out and ignored by elites. Whenever we see barriers to renewal, this government will tear them down.”

At its heart is the admission from the prime minister that if his government doesn’t deliver, the winners will be Reform UK, or even a revived Conservative opposition.

Starmer prepared to fight for his public sector reforms

But as much as he makes this argument, there will be many in his party, in the union movement, and who voted Labour who hear the word austerity when they hear Sir Keir say “reform”.

That’s why I asked him, at the event in Hull, whether this drive was a return to austerity, or, at the very least, will appear that to those on the receiving end of these cuts.

Read more:
What is NHS England – and what does abolishing it mean?
MPs vote to scrap key part of assisted dying bill
Starmer says welfare bill is ‘indefensible’

After all, at the general election manifesto launch, when I asked the prime minister whether there would be a return to austerity under a Labour government, he vowed: “There will not be austerity under a Starmer government.”

On Thursday, he insisted there would be “no return to austerity”.

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Watch: The prime minster denies to Beth Rigby that the UK is returning to austerity.

“Part of the problem we’ve got with our public services is what was done to them a decade or so ago. So we’re not going down that route, and none of our plans are going down that route,” he said.

But when those welfare cuts are announced later this month, Sir Keir’s “reforms” might look rather different, as might his plans for public sector reform if thousands of workers lose their jobs.

What was clear as he made his argument on Thursday is that it’s a fight he’s prepared to have.

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Lucy Letby: Police investigation into hospital widened to include gross negligence manslaughter

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Lucy Letby: Police investigation into hospital widened to include gross negligence manslaughter

Police investigating the hospital where Lucy Letby murdered seven babies and attempted to murder seven others have widened their scope to include gross negligence manslaughter.

An investigation into corporate manslaughter was launched in October 2023 following the trial and conviction of ex-nurse Letby.

But Cheshire Constabulary have now widened their probe to determine whether gross negligence manslaughter took place.

While corporate manslaughter covers cases where a corporation’s negligence leads to a person’s death, gross negligence manslaughter is when an individual’s negligence causes death.

In a statement, Detective Superintendent Paul Hughes said: “This is a separate offence to corporate manslaughter and focuses on the grossly negligent action or inaction of individuals.

“It is important to note that this does not impact on the convictions of Lucy Letby for multiple offences of murder and attempted murder.”

Det Supt Hughes added: “Those identified as suspects have been notified. We will not be confirming the number of people involved or their identity as no arrests or charges have yet been made.

“Both the corporate manslaughter and gross negligence manslaughter elements of the investigation are continuing and there are no set timescales for these.

“Our investigation into the deaths and non-fatal collapses of babies at the neo-natal units of both the Countess of Chester Hospital and the Liverpool Women’s Hospital between the period of 2012 to 2016 is also ongoing.

“Our priority is to maintain the integrity of our ongoing investigations and to support the many families who are at the heart of these.”

Letby, 35, from Hereford, is serving 15 whole-life orders after she was convicted across two trials at Manchester Crown Court of killing seven babies, and attempting to murder seven others – making two attempts on one of her victims – between June 2015 and June 2016.

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Why do medical experts think Lucy Letby is innocent?

Last month an international panel of neonatologists and paediatric specialists said bad medical care and natural causes were the reasons for the collapses and deaths.

Their evidence has been passed to the Criminal Cases Review Commission (CCRC), which investigates potential miscarriages of justice, and Letby’s legal team hope her case will be referred back to the Court of Appeal.

A public inquiry into the events surrounding Letby’s crimes will reconvene at Liverpool Town Hall on 17 March for closing submissions, and the findings of Lady Justice Thirlwall are expected this autumn.

A spokesperson at the Countess of Chester Hospital NHS Foundation Trust said: “Due to the Thirlwall Inquiry and the ongoing police investigations, it would not be appropriate to comment further at this time.”

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