● Arthur Cheong, founder and

portfolio manager, Defiance

Capital
● Jehan Chu, founder and
Managing Director of Kenetic
Capital
● Jupiter Zheng, Head of Research,
Hashkey Capital
● Paul Veradittakit, Partner, Pantera
Capital
● Remington Ong, Partner, Fenbushi
Capital
● Tony Gu, Founding Partner, NGC
Ventures
● Xinshu Dong, Partner, IOSG
Ventures

There’s no question that 2021 is going to be

a defining year for the blockchain industry,
whether in terms of enterprise adoption or
the rapid emergence of highly innovative
solutions. Token economics (“tokenomics”),
an area which has caught the attention of
many in the earlier years of 2017 and 2018,
also makes a renewed entrance.

At LongHash Ventures, through our

investments into a number of leading token
projects, including Dodo Finance, Idle
Finance, Plasm, we have built a good
understanding on what works and does not
when it comes to tokenomics. We thought it
will be highly valuable to share and shed
light on the tested and proven strategies to
benefit blockchain projects looking to launch
a new token.

In addition, we are pleased to speak with a

select table of top blockchain native
investors (Defiance Capital, Fenbushi Capital,
HashKey Capital, IOSG, Kenetic Capital,
NGC Ventures, Pantera Capital) in the space.
They have generously shared their insights
and best practices on tokenomics which have
been validated by billions of assets and
thousands of users, in this article. We hope
this will arm you with validated best practices
and strategies on tokenomics.

2
 This report examines the blueprint for successful token economics through the use
of this framework, 1) Value Creation 2) Value Capture 3) Value Protection 4) Demand
and supply management and 5) Existing risks and hurdles.

Who will benefit from this article

Blockchain projects which already have a viable business idea as well as a good
team and are primarily planning to launch a new token. For the purpose of this
article, we address projects operating within multi-sided, decentralized ecosystems,
and not centralized systems, although most principles can be applied similarly.

Tokens have proved to be a useful and capital efficient way to:

● Attract initial users and bootstrap growth;
● Align incentives and long term interests by distributing rewards and business
revenues or projections on business revenues to token holders;
● Raise funding, typically with less paperwork, lower costs and more

How to launch a successful token? Here are three key takeaways:

When tweaking the Even with perfect

Token is an incentive
tokenomics, it is tokenomics, nothing
layer and does not
important to
create value. It can substitute having a great
understand the effect
accelerate value creation team which is resilient,
on the demand and
through the right good at problem solving
supply of the tokens.
mechanisms. After value
There is a need to and communicate
has been created, it is
manage well for effectively and
also important to design
sustainable growth in frequently with their
the token so that value is
token value.
captured and protected. community and
_.stakeholders.
© 2021 LongHash Ventures

“Back in 2017, ICO was a novel mechanism and people just saw it as a massive
Gold Rush. There was a lot of craze in the market and demand for these tokens.
Today, we are glad to see projects giving more thought into how a token would
make sense for the project and how to best utilize the benefits of the token.
Overall, there has been a very positive evolution in the quality of the token
projects.”

- Partner of Fenbushi Capital, Remington Ong (“Ong”)

3
 The case for tokens and recent uptick in optimism

Without a strong use case, tokens are simply a good to have

1 Value Creation

2 Value Capture

3 Value Protection

4 Managing Demand and Supply Sustainable Growth

5 Risks and Hurdles

© 2021 LongHash Ventures

Concluding Thoughts and Acknowledgements

About LongHash Ventures

4
 “Tokens create a paradigm shift in terms of how utility could be measured, how
value could be accrued, and even how the utility of the system could be
dynamically valued and represented. And good token economics makes all the
difference.”

- Cofounder and Managing Director of Kenetic Capital, Jehan Chu (“Chu”)

This positive sentiment was reflected across the board. Xinshu Dong (“Dong”),
Partner of IOSG Ventures, shared his bullish outlook on the space, having observed
several projects gaining traction from both the user and volume side with tokens.
Head of Research of HashKey Capital, Jupiter Zheng (“Zheng”) also highlights how
the explosion of decentralized finance during the past summer had propelled
tokens back into the limelight, with token fundraising allowing innovation to
happen at a much faster pace compared to equity.

Chu emphasizes that tokenization does not achieve anything by itself. Ultimately,
© 2021 LongHash Ventures

the underlying application must be useful; it must solve a problem; and it must
cater to and build a community who is empowered to access, use and pay for
such an application. Token economics, in turn, help to create a more efficient
system to create and capture this intrinsic value.

Ong further clarifies, “The token is typically an incentive layer, and while it's a very
powerful thing for a project to have, incentivization isn't a new concept in
blockchain or any internet platforms such as Reddit, or super applications like
Uber or Grab.” Dong similarly agrees, stating that “Token is not a panacea for
everything. Some projects might be a better fit for a more traditional equity
model.”

5
 As mentioned earlier, the utility or value proposition of the underlying product or
service creates value. Token accelerates the creation of the value through various
mechanisms outlined below.

1. Distribute tokens to users of the protocol to bootstrap growth

Popularised by Compound, distributing tokens to users of a protocol to bootstrap

initial demand and grow a community has become a widely adopted strategy.
Compound validated the bootstrap effect of value creation with its token -- when
the COMP token was launched in June 2020, the Total Value Locked (TVL) shot up
from $90 million to $600 million within one week, according to DeFi Pulse. The
increase was largely due to users coming onto the protocol to use and earn the
daily rewards of COMP token. In the first place, users were already benefiting from
the Compound protocol and the token helped to accelerate the user adoption as
the token price appreciated.

2. Distribute tokens to contributors who innovate and improve the protocol

In the initial phase of most blockchain projects, the core team would mainly drive
the development. Over time, as the protocol’s user base expands, it is hard to rely
on the core team alone and its sustained growth relies very much on the continued
innovation and improvement contributed by dedicated developers. Awarding
tokens from the treasury helps incentivize innovation so that developers could
continue to create new features such as front end analytics, liquidity mining and
governance mechanism. Founding Partner of NGC Ventures, Tony Gu (“Gu”),
© 2021 LongHash Ventures

shares that Yearn. Finance, a prominent DeFi platform, has attracted many active
contributors from its community and compensated them with its YFI tokens.

Another example is SushiSwap, which rewards the developers with its native SUSHI
tokens and engages its community to vote on the proposed hiring plan or
developer’s compensation. SushiSwap openly discusses their compensation
guidelines here - a good practice to engage and win the trust of the community.
(Here is an example of hiring a team member and compensating with SUSHI tokens
and here is an example of paying for development work with SUSHI tokens).

6
 3. Distribute tokens to participants who provide liquidity for the protocol’s native
tokens

n order for the token to realise its potential of accelerating value creation, there has
to be sufficient liquidity for the token. Since the beginning of 2020, the rise of
Automated Market Makers (AMMs) such as Balancer and Uniswap has allowed
blockchain projects to create liquidity for their token. Prior to that, projects
required high initial capital to start their liquidity programme as exchange listing
fees can be upwards of $250,000 and paying market makers can be even more
expensive. With AMMs, projects would provide their native tokens to incentivise
liquidity providers to contribute to its pools. In the initial phase, the native tokens
can be distributed via airdrops or Initial DEX Offering (IDO) to bootstrap the
liquidity programme (Refer to infographic below for the main token distribution
mechanisms). There has been ongoing trial-and-error around AMMs to create
liquidity for tokens. Balancer discusses two approaches for Liquidity Bootstrapping
Pools: Linear example of Pool Weights and exponential curve example (read more
here).

Tokens such as Synthetix, APY.Finance and BarnBridge have subsidized liquidity on

Balancer or Uniswap. It is worth noting that unlike most AMMs like Uniswap, where
pools has a 50/50 weight between two assets, Balancer’s customizable weight
feature which allow for ratios like 95/5 helps to dramatically reduce the
impermanent loss.

Last but not least, for the value creation mechanisms we discussed above to work
© 2021 LongHash Ventures

well, it is essential to distribute the token in a decentralized manner. Here are three
ways to distribute your token and the best practices.

7
 © 2021 LongHash Ventures

8
 Creating value drives demand for the token and good token mechanism design
allows the token to effectively capture the value created by the project. Capturing
value is important because it enables token’s price to grow sustainably in tandem
with network growth.

Here are the the best practices to capture value:

● Give token holders the power to shape the future of the protocol

On-chain governance is fundamental to decentralized token economies and

enabling token holders propose or vote on the future of the protocol itself captures
intangible value for the token. Token bequeaths token owner the power to change
the rules of a network, for example, to the extent of how revenue is distributed.

However, governance mechanism design is still in its infancy and at a constant state
of experimentation. On the voting mechanism aspect alone, the common practices
are “one token, one vote”, quadratic voting system and diminishing voting system
but each has its own drawbacks.

“Voting mechanisms similar to “one token, one vote” may ‘disenfranchise’ token
holders who hold less tokens, because they do not think that their vote will make
a difference.”
© 2021 LongHash Ventures

- Founder and portfolio manager of Defiance Capital, Arthur Cheong

(“Cheong”)

Hence, small token holders may end up not participating at all in governance.
One alternative to overcome that issue could be how the protocol Polkadot does
it -- token holders get to increase the weight of their vote by locking up DOT
tokens with their vote for extended periods of time.

● Translate revenue into buying pressure for the tokens

An efficient way of capturing network value and returning it to token holders

is typically done in the form of buyback of tokens and then either keeping
them in treasury or burning them.
9
 Burning of tokens has emerged as a popular practice as that reduces the supply
and typically raises the price of the tokens. This is practised for instance in the case
of MakerDAO. Cheong, however, feels that burning might be a suboptimal token
design because many of the crypto projects are currently at a very early stage
where there is a lot of room for growth before they will reach the mature steady
state. Burning too many tokens can result in a situation where the token supply
becomes insufficient in the tenth year, for instance. Cheong espouses what is
discussed in the article by Placeholder VC-- “Stop Burning Tokens – Buyback And
Make Instead”. Hence, burning is essentially destroying valuable capital. While the
token price goes up as a result, it does not actually create more growth for the
network. Similar to what is shared in the article, he suggests that instead of
burning, keep the collected fees in the treasury and use them to incentivize further
growth instead. For example, the tokens in the treasury can be given out as grants
to those who contribute to the protocol, creating value for the network, which is
what we have highlighted in the above section. He notes that Yearn Finance has
been able to do that successfully.

An example is Idle Finance, which deploys a “Smart Treasury” model. A portion of

the fees collected is redirected into a buy-back machine, and more on-chain
liquidity is provided for IDLE token at the same time. Here is the breakdown for the
fees collected after the first week of launching the Smart Treasury.
© 2021 LongHash Ventures

Source: https://twitter.com/idlefinance/status/1360360013798268928

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 ● Distribute revenue directly to token holders

The value capture mechanism of distributing a portion of the revenue generated is

commonly deployed in decentralized finance products, such as SushiSwap (0.05%
of exchange fees), Synthetix and Yearn Finance. In Synthetix, the amount of SNX
tokens staked by the token holder is proportional to the economic rights to the
fees captured through the exchange trading. For Yearn Finance, token holders
need to stake the tokens as well as vote to receive staking rewards if the treasury is
at or above $500,000. The benefit of incentivising holders to vote with rewards or
the native tokens is that it can help to increase token holders’ participation in
governance.

Cheong shares that the rewards could be paid in either the native token or
exogenous rewards (an asset that is unrelated to the token’s native system) in the
form of stable coins or popular coins like ETH and Bitcoin To the token holders, the
exogenous rewards (such as ETH and stable coins) could mean higher certainty of
calculating their returns because of their high liquidity, use-cases, and diverse
influences. The additional advantage is that it mitigates the sell pressure which
most networks suffer from when they issue rewards using their native tokens. One
project that provides exogenous rewards is 88MPH which LongHash Ventures
invested into, provides rewards in DAI. Another project, 0x, generates income in
ETH and re-distributes the ETH proportionally to those who stake ZRX token and
market-make on the network.

It is possible for token projects to issue their native tokens as rewards initially and
© 2021 LongHash Ventures

then exogenous tokens later because the cost of doing that versus issuing ETH or
stable coins like the DAI stablecoins is perceived to be lower. Cheong explains that
in the initial stage, when the token price is lower, that might be true. But as the
price of the native tokens increases, the opportunity costs of using native tokens as
rewards increase as well. This also limits sell-side pressure of the native token.
Zheng shares that projects can consider adopting a hybrid approach: Rewarding
with native tokens in the initial stage and switching over to exogenous tokens as
rewards later.

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 ● Translate participation in the protocol into buying pressure

Another way of capturing value is the use of a work token mechanism. This helps
create buying pressure for the tokens as distributed contributors must stake the
native in order to earn the right to perform work for the network. They are also
rewarded with the native network token for work that is deemed “correct”.
However, if the work is “incorrect”, its supporting stakes can be slashed.” (Source:
On the immaturity of tokenized value capture mechanisms) Chainlink is a good
example of the work token mechanism. Node operators which provide useful data
will be rewarded with LINK tokens and those that provided inaccurate information
would be penalised by having their staked tokens slashed.

● Translate buying pressure into token price increase

Bonding curve, a built-in feature of AMMs like SushiSwap, naturally raises the value
of tokens upon subsequent purchase. Projects can use the bonding curve to
capture value due to the demand for the token. Nexus Mutual and Aavegotchi are
examples of projects that use a bonding curve too.

Ong shares that “the bonding curve can be used at two different stages: At the
initial sale of the project tokens stage, before allowing the token price to float
freely in the market. And it can be used at another stage, a bonding curve can be
used permanently to determine the price of the tokens. For example, Nexus
Mutual and Rally utilize a permanent bonding curve. This also helps limit liquidity
outside of their platform.” He cautions, “Bonding curve may also function as a way
© 2021 LongHash Ventures

of balancing the supply and demand of a particular token. However, this is more of
a one-use method and may not help with capturing its value sustainably. The price
increase does not change to the network value, as this mechanism is not sufficient
on its own to do that.

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 A token is extremely useful in bootstrapping the initial growth of active users and
building a community. But to sustain growth, it is important that projects take into
account the plans to protect the network from economic attacks, mercenary capital
moving away from the network, users from leaving the network as well as copycats
which siphon away their users.

“Ultimately, the usual business principles apply: having a strong technology

base, a good talent supply, a good product and marketing strategy. It is also
essential to build a strong moat and align stakeholders’ long term interests.”

-Tony Gu, Founding Partner, NGC Ventures (“Gu”)

● Give token holders the power to shape the future of the protocol

1. Requiring users to stake tokens on the network

Requiring users to stake has increasingly gained popularity as it is a simple

yet effective way of aligning incentives among the users of the network. By
staking, users show "skin in the game" or commitment to the network. Users
who participate in useful, meaningful work (good actors) are rewarded
through gaining staking rewards while users who perform work that harms
the network (bad actors) are punished (their stake will be slashed), without
having to rely on identity or reputation.
© 2021 LongHash Ventures

Requiring a high stake ratio helps protect the security of a PoS (Proof of
Stake) network. The more tokens are staked, the more tokens hackers would
need to achieve the attack threshold and control the network. Malicious
actors with staked tokens will also be slashed in the process.

2. Using token inflation as a backstop in times of attacks

For projects that suffered from attacks, staked tokens in liquidity pools also
provide a means to recover. Good examples are projects like Aave and
Maker. They already have the following mechanism in place: Its tokens will
be first auctioned off to fill the deficit, followed by using token inflation as a
backstop.

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 3. Using tokens to achieve shield mining effect

A relatively new approach, shield mining, involves projects enticing coverage

providers with their native tokens to crowdsource for their insurance contracts or
pools listed on platforms such as Nexus Mutual or Cover. The token stakers on
these platforms are incentivised by the higher yield due to the additional token
rewards and in turn, users of these projects are able to purchase the insurance
contract coverage. For example, Nexus Mutual’s stakers (risk assessors) receive
additional 2 KEEP token for every 1 NXM staked.

● Use tokens to boost user retention

An attractive product with a valuable token is a natural magnet for new users but
retaining them is a separate challenge. Retention is even more of a battle these
days, given the rapidly growing number of token projects all competing for similar
userpool. In the decentralized finance space specifically, almost all projects are
tempting users with attractive yields. Putting in place an effective loyalty
mechanism and rewarding those who stake or stay longer could help with standing
out from the competition.

Examples of projects that reward users for their loyalty include BarnBridge, where
users have to deposit their funds for the entire epoch in order to receive the BOND
reward. The amount of reward also depends on whether the users participate from
the beginning of the epoch or midway through. Other examples include Curve,
where token users would lock up their CRV tokens for a longer period of time to
receive more incentive rewards. This just means that they are locked and cannot be
© 2021 LongHash Ventures

transferred during that time, or BadgerDAO (which also provides a multiplier the
longer the tokens are staked)

Beyond giving tokens away,

Gu emphasizes the
importance of active
“Rari Capital is an example where a portion of engagement of the
the tokens is burned as a user when users community as well as brand
attempt to transfer their RGT token before and trust building because
having tokens alone is not
the 60-day distribution schedule expires.”
enough to retain users.

- Partner of IOSG Capital, Xinshu Dong

(“Dong”)

14
 Having discussed the various token economics best practices, one has to bear in
mind that deploying any of the above affect the demand and supply of the tokens.
It is thus, important to manage demand and supply carefully to ensure sustainable
growth of the token value.

There are two main best practices: 1. Managing liquidity and inflation 2. Slow down
the velocity of the tokens.

In general, Ong highlights that balancing demand and supply of tokens is a tricky
formula that most projects will need to figure out over time. He advises projects to
hold off on issuing or listing the token for as long as possible. It has become
increasingly common for token projects to launch cautiously with just five to ten per
cent of their tokens into circulation and impose lock up and vesting schedules. For
projects, this means having a less aggressive schedule to gradually grow their
community pool and developer pool.

1. Maintain moderate inflation and sufficient liquidity

We have observed that it is typically challenging to work with a fixed supply of

tokens. Inflation is a powerful tool and a reasonable rate of inflation is helpful to
bootstrap the growth of users or incentivise contributors. Yearn Finance had an
initial fixed supply of 30,000 tokens but they have recently voted to mint more
tokens to incentivise core contributors. Synthetix used to have a fixed supply of
100,000,000 SNX tokens. However, the fee pool generated by Synth transactions is
too low to incentivise all SNX token holders to lock it up as collateral to mint
© 2021 LongHash Ventures

Synths. The team decided to introduce an inflationary reward system and “inflate
the supply across a five year period, increasing total supply from 100m to ~250m,
with diminishing yearly distribution.”

Getting to the right inflation rate is often the outcome of trial and error. Zheng
advises starting with an arbitrary rate and then cautiously reducing it if the sell
pressure is too high. It could be higher initially to bootstrap initial users but
eventually the inflation needs to come down. He cautions that effective
communication to community and stakeholders is key when adjusting inflation rate.

15
 Several projects have way too high inflation such as 100 percent a year, with no
lock up period. The oversupply has ramifications on the token value/ price as well
as the token holders’ morale. Cheong shares that in general, if there is no lockup
period, a more sustainable inflation rate is around 30 percent a year for the initial
phase and then tapers down after that. Good examples of projects that manage
inflation well are Compound and Uniswap.

Chu shares that while not creating an oversupply is important, creating enough
liquidity for the token at the right stage is just as important. There still has to be
enough liquidity, such that users can easily buy the tokens at an efficient price
when they want to use the application. For example, paying a 3% spread in order
to purchase the token would lead to low token trading activity and that can create
friction. To avoid that, projects can work with market makers such as GSR Market,
Jump Trading, Three Arrows or Wintermute who will work with either the
centralized exchanges, or even the automated market makers to provide liquidity
and make sure that there is an efficient market for the token.

2. Slow down token velocity

Besides encouraging token usage with a great underlying value proposition,

projects need to encourage token holding as well. Token velocity influences the
long-term, intrinsic (non-speculative) value of a token. Gu shares that slowing down
the velocity is particularly important after the initial growth stage, so that you can
encourage current token holders to hold the token and focus on attracting new
token holders. In general, both staking and lockup requirements help to slow down
© 2021 LongHash Ventures

token velocity and improve token value.

Lock up: Projects can also set up lock up requirements for early investors. Ong
shares that it is now common for projects to limit the circulating supply of their
tokens in the early days and this is different compared to 2017 when there was
almost no lockup period for 70% to 80% of the tokens. The massive oversupply
and under demand due to the release of the tokens made it hard for those tokens
to sustain their value.

16
 Chu shares that two to three years of lock up period with a one year cliff are
common but Kenetic Capital has invested in Serum, where the lock up period for
investors is seven years. Many early investors were turned off by the long period. In
general, projects need to strike a balance between protecting token value and
raising initial investments. Chu shares that “For projects with longer lock up
periods, it is actually possible to create a plan for initial investors to recover their
principal, without directly selling into the market. This can be done through more
limited and programmatic selling methods, which could be organized by the
foundation or market makers.”

Vesting: Vesting typically starts from the genesis block and the vesting period can
be between 3 to 6 years. Vesting period can differ for different groups of token
holders. The vesting period for the core team is usually longer (around four years
vesting period with 9months or one year cliff) compared to early investors (around
two years vesting period with 6/9/12 months cliff).

Dong also shares that in the case of Barnbridge, the tokens allocated to the
founders, seed Investors and advisors are locked up in a smart contract that
releases the tokens (vest) on a weekly basis over a two-year period.

Staking: Staking has been discussed in the earlier sections. This is commonly
encouraged in Proof of Stake protocols or on decentralised apps that provide
rewards in return for staking.
© 2021 LongHash Ventures

17
 1
Preparing ahead for Regulations 

2
It is helpful for projects to comply with
the jurisdictional laws where the token
is launched. Besides engaging legal
counsel with experience in this space
early, Zheng encourages teams to be
compliant from the beginning and
one example is Blockstack whose
tokens have been compliant with the
U.S. Securities and Exchange
Commission (SEC).
3
Protecting against Forking

4
Forking has been common in the
decentralized space, with the most
popular examples being Uniswap and
SushiSwap. Nurturing a strong
community and continuous innovation
to meet user needs are two of the
© 2021 LongHash Ventures
most effective preventive measures.
However, Dong shares that there is
hardly anything that can prevent
capital flight when a fork happens. “If
you have the same code, the same
technology, and if the new community
is as committed as the previous one,
the fork project can potentially siphon
away some of the community
members. So, I do feel this is
something still very fluid today.”


Preventing Security Breaches

Hacks and attacks are the worst PR
disaster for any token project.
Partner of Pantera Capital, Paul
Veradittakit (“Veradittakit”) cautions
that it is critical to prevent attacks and
work closely with security auditors and
get multiple audits along the way.


Balancing the interests of equity
holders and token holders 

If projects raise their initial round via
equity and then token subsequently,
Gu cautions that a conflict between
the equity and token holders may
arise. Chu explains that the token will
be accruing value from the core
business, instead of the equity. The
solution is to reward equity holders or
compensate them with some of the
value captured by the token.
For some projects, they would give
equity holders a percentage of the
token supply and encourage equity
holders to participate in the
subsequent token sale too.
18
 “Because of what happened in 2017, you really have to try and provide as much
credibility as possible for your project because of the scammers that are out
there. In 2017, all it takes is to launch one public token offering and that's it. But
now, launching a token is just the very beginning of your journey. You need to
continue to get more people involved in your community, to get tokens in the
hands of those users. That means continuously innovating, marketing or raising
more capital so that you can get more people involved with your network
excited and continuing to sort of talk about it.”

-Partner of Pantera Capital, Paul Veradittakit (“Veradittakit”)

“While you can have the perfect tokenomics design, things can still go wrong.
Nothing substitute having a great team of people who can deal with the
unknowns and communicate effectively and frequently with your community and
stakeholders. Token projects demand a lot from the core team— you need to
blog, chat and constantly innovate to stay successful.”

-Head of Research of HashKey Capital, Jupiter Zheng (“Zheng”)

© 2021 LongHash Ventures

Edits have been made to the interview content for brevity and clarity. Our heartfelt
gratitude to the following contributors who have generously shared their time and
thoughts with us:

● Arthur Cheong, founder and portfolio manager, DeFiance Capital

● Jehan Chu, founder and Managing Director of Kenetic Capital
● Jupiter Zheng, Head of Research, Hashkey Capital
● Paul Veradittakit, Partner, Pantera Capital
● Remington Ong, Partner, Fenbushi Capital
● Tony Gu, Founding Partner, NGC Ventures
● Xinshu Dong, Partner, IOSG Ventures

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LongHash Ventures is a global blockchain accelerator and investor building the native Web
3.0 blockchain economy. With a global network established across key technological hubs
including Singapore, Shanghai, and Hong Kong, the company is committed to catalyzing
growth for the next generation of blockchain startups. In parallel, LongHash Ventures offers
end-to-end support across the spectrum of strategy formulation, go-to-market execution,
and subject matter guidance across technology, marketing, and fundraising. LongHash
Ventures is supported by Fenbushi Capital, Hashkey Capital under Wanxiang Group, and
Enterprise Singapore, a statutory board under the Ministry of Trade and Industry.

General inquiries
admin.sg@longhash.com

longhashventures.com

twitter.com/longhashventure

linkedin.com/company/longhashventures

© 2021. All rights reserved

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