Last week, Figment was delighted to host the third installment of our Digital Assets Sidebar in the heart of Singapore. Positioned alongside Token2049, one of the most prominent gatherings in the Web3 space, our event quickly became a focal point for industry leaders and innovators. Figment’s Sidebar offered a more institutional focused event, with in-depth discussions and networking that zeroed in on the key trends shaping today’s digital asset landscape in the APAC region and beyond.

As the creators and hosts, we designed this Sidebar to complement the broader conversations happening around Token2049, attracting a mix of global and regional players in the space. Our objective was to bring content aimed at our institutional customers and partners, addressing the topics they wanted to discuss and offering a networking opportunity with some of the brightest minds in the digital asset space. From deep dives into network effects, navigating industry crossroads, and the influence of the upcoming US election on digital assets, the event offered a fresh perspective on the industry’s future, all against the stunning backdrop of Marina Bay Sands. 

Figment’s very own Yanshan Tan, Head of APAC, kicked off proceedings with his signature blend of charm and wit, setting the perfect tone for an afternoon of high-energy discussions and expert insights. 

So what did we learn? Many events talk about key takeaways and new buzzwords, but without blowing our trumpet too much, we believe our attendees came away with some genuine learnings. Let’s dive into each of the panels:

Network Effects in Crypto

The first session of the day, moderated by Drake Breeding, Protocol Opportunities Lead at Figment, explored the importance of network effects in the crypto industry. The panelists were Homer Sun, Managing Partner at Animoca Capital; Melody He, Managing Partner and Co-Founder of Spartan Group; and Peter Najarian, Managing Partner at RW3 Ventures.

Web2 vs. Web3: The Evolution of Network Effects

The panel began by comparing how network effects differ between Web2 and Web3. Melody and Homer, both veterans of traditional finance, highlighted the shift from centralized platforms to decentralized networks. Web2’s focus on data centralization for monetization contrasts sharply with Web3’s community-driven models, where network effects rely on user empowerment and token-based incentives.

Consumer vs. Institutional Networks

Peter provided a unique perspective, drawing on his experience with institutional clients. He emphasized the complexities of scaling networks that serve institutional customers, particularly regarding security and compliance. His insights underscored the differences in scaling networks for large-value institutional transactions versus the broader, consumer-focused networks.

Building Personal Networks in Web3

As a founder and investor, Melody offered a more personal take on the importance of building networks. She shared the challenges of sourcing talent, forming local market partnerships, and establishing deal flow in an increasingly competitive space. Personal and professional networks, she stressed, are vital in navigating the fragmented and fast-paced ecosystem.

Achieving Critical Mass in Crypto Projects

Homer turned the discussion toward recognizing when a project has achieved critical mass. He explained the indicators that suggest a project is ready for exponential growth, including strong community engagement, user retention, and market fit. Homer’s insights offered a practical framework for identifying projects poised for success in the Web3 space, particularly as they mature into later-stage growth entities.

Token Incentives: The Right Fit for Every Project?

The panel concluded with a discussion on token incentives and their role in driving network growth. The speakers debated whether every Web3 project truly needs a token, agreeing that while tokens can be powerful tools, they must be carefully designed. A poorly structured token model can hinder adoption, while a well-executed one can foster sustainable network growth.

Views from the East – APAC Industry Growth

The second session changed gears to focus on the APAC region, exploring the rapid growth and unique opportunities within the digital assets market. Moderated by Eva Lawrence (Head of EMEA, Figment), the panel featured Wee Kian Lim (CEO of DBS Digital Exchange), CJ Fong (Managing Director, Head of Sales for APAC & EMEA at GSR Markets), and Samar Sen (Head of APAC, Talos).

The Rise of APAC in Digital Assets

The panelists opened with a discussion on the explosive growth of the digital assets industry in APAC. They highlighted how the region is becoming a global leader in Web3 innovation, driven by regulatory advancements, a large and tech-savvy population, and increasing institutional interest. The panelists agreed that APAC’s diverse markets offer both challenges and opportunities for businesses looking to expand their presence in the region.

The data speaks for itself, as Eva highlighted the Chainalysis’ 2023 Global Cryptocurrency Adoption Index revealed that six out of the top ten countries by transaction volume were found in Asia – India (1), Vietnam (3), the Philippines (6), Indonesia (7), Pakistan (8), and Thailand (10). This growth trajectory seems on track to continue well into 2025. 

Institutional Adoption in APAC

A key theme of the discussion was the role of institutions in driving digital asset adoption across APAC. Wee Kian Lim shared insights from DBS, noting how institutional interest is rapidly growing, particularly around regulatory-compliant solutions. CJ Fong echoed these sentiments, explaining how GSR Markets has expanded its institutional offerings in response to increasing demand from large financial players. The framework provided by the Monetary Authority of Singapore around digital assets and their willingness to engage with local players in the space was also a catalyst for institutional adoption in Singapore. 

Crypto at the Crossroads – Which Path Will We Take?

A big highlight of the event was an engaging fireside chat between Lorien Gabel, CEO & Co-founder of Figment, and Anthony Scaramucci, Founder of SkyBridge and SALT. This session centered around the concept of crossroads in both the crypto industry and personal career paths, blending a mix of serious insights and lighthearted banter.

Navigating Industry Crossroads

Lorien and Anthony began by discussing the current regulatory climate in the United States, particularly in light of the upcoming U.S. elections. Anthony, drawing from his extensive political and financial background, shared his thoughts on how ideal regulation should strike a balance between fostering innovation and providing oversight. He emphasized the importance of privacy in financial transactions, expressing concerns about over-regulation.

Referencing a famous Robert Johnson blues song, Lorien humorously questioned whether crypto had “sold its soul” in its quest to become a leading asset class, comparing this crossroads to the broader challenges the industry faces with regulation and innovation. Anthony then also offered his predictions on the U.S. election’s impact on the crypto industry and whether he sees a role in any future administration.

Personal and Professional Crossroads

The discussion then shifted to personal crossroads, where both Lorien and Anthony reflected on pivotal career moments. Lorien spoke about Figment’s evolution and the key decisions that shaped the company’s direction, from the 2022 strategy crossroads involving Datahub and Learn to the more recent challenges during crypto winter.

Anthony, who has straddled the worlds of both finance and politics, offered advice on decision-making, emphasizing the importance of balancing head and heart. He also delved into the differences between his two ventures – SkyBridge and SALT, and how both entities contribute to the blockchain industry’s growth.

The fireside chat wrapped up on a lighter note, with a discussion about managing stress and balancing work and life. Anthony shared insights into his fitness regimen and humorously asked whether crypto volatility could be considered a “secret diet plan.”

Closing Thoughts

Figment’s Sidebar in Singapore was an incredible success, bringing together a diverse, engaged group of industry leaders, innovators, and enthusiasts. From the insightful panels to the dynamic fireside chat, the event provided a platform for some of the brightest minds in digital assets to discuss critical topics and network together. Yanshan then closed the event and highlighted the demonstration of the power of collaboration and innovation in the region.

Our Sidebar event came at what many attendees felt was an inflection point for the industry. With the US regulatory environment continuing to evolve and some feeling disillusioned with the sector’s trajectory, all eyes are on APAC to lead the next wave of growth. The strong presence of Solana, including its flagship events like Velocity and Breakpoint, alongside the increasing discussion around Bitcoin Layer 2 solutions, highlighted the rapidly growing institutional interest in these technologies from traditional finance. 

Token2049 also reinforced the shift, with many leaders pointing to innovations within the space. While some sectors, like gaming and NFTs, didn’t receive as much focus this year, the buzz around infrastructure growth and institutional participation kept the energy high, confirming Singapore’s place as a major global hub for digital assets.

Figment’s Sidebar provided a platform for leaders across the ecosystem, from funds and asset managers to custodians, exchanges, and banks to explore the future of digital assets regionally and globally. We’re excited to continue building on this momentum and look forward to future events that will continue to push the conversation forward.

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Want to know what events we will be at next? Contact us here.