Taxonomy & Methodology

How do we define a crypto-dedicated investor?

A crypto-dedicated firm may be identified on several criteria. The types of investment managers participating in the crypto asset management are as follows:

1. Crypto-Native Manager: A fund manager with a vintage year prior to ~2018 and typically investments prior to 2020. Though this terminology is subject to argument and often awarded as a badge of honor determined by a cohort of likeminded investors, builders.

2. Crypto-Dedicated Manager: Differencing slightly from a crypto-native manager. This classification is often reserved for investors that are inclusive of crypto-native managers in but are newer entrant to the market as investment managers.

3. Traditional Investor: An established private market investor. This investor may have completed several deals in other venture capital verticals. They may have had focus on the crypto/blockchain segmentation at the same time as a crypto-native manager, however, they were not as focused or didn’t have equal amounts of exposure given assessments of their previous portfolio.

4. Emerging Manager: A new fund manager raising a crypto-dedicated fund. Not to be confused with a first-time fund manager in traditional VC. The emerging managers in this context are related to emerging managers in the block-chain crypto space.

5. Branded Manager: A branded manager is a manager investing in crypto & digital assets with years’ experience investing in the market. Typically, a branded manager has multiple investment funds offered as both venture and/or hedge fund strategies.

Firm Taxonomy

1. Firm Type One: The description to the firm’s primary investment strategy. This includes Hedge Fund, Venture, and Platform. A firm with one or more strategies in both venture and/or hedge fund category is defined as a Platform. Platform may offer a range of investment vehicles or financial services.

2. Firm Type Two: This level of taxonomy focuses on the level of investment focus as determined by VisionTrack research. Direct, Passive, Fund of Funds (FoFs), and All are the four main categories.

3. Firm Type Three: A firm with priority investment focus for crypto and digital assets is defined as a crypto dedicated fund. Firms participating in other investment markets are considered traditional investors.

4. Description: Investment preferences or financial services offered as the primary focus for the entity. This might include details such as investment preferences by stage or specific financial services offered by the firm.

Fund Taxonomy

1. Crypto-Native Fund: An investment fund raised by a crypto-native manager.

2. Crypto-Dedicated Fund: An investment fund primarily for crypto & digital assets. This is inclusive of crypto-native fund taxonomy. In venture, this is also inclusive of traditional fund managers who raised a crypto-specific fund as that would be “dedicated” to crypto/blockchain investments.

3. Ecosystem Fund: An investment fund dedicated to a particular ecosystem of development. Often specific to geographical location or specific blockchain communities.

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