Why invest in digital technology now?

• The number of Web3 dev teams rose by 3X in 2022 despite the downturn in crypto prices. This is a good indicator of the health of the industry.

• Adoption of digital assets continues despite the downturn in crypto prices. BTC & ETH addresses grew by over 27% in 2022.

• Web2 companies are adopting crypto at a rapid pace. Social media platforms such as Twitter, Meta, Instagram & Telegram are adopting NFT's &/or crypto payments. In addition to this, well known brands such as Tesla, Nike, Adidas, Coca-Cola, Porsche, Microsoft, Starbucks, Paypal & more have adopted Web3 &/or crypto.

• Digital technology is empowering third world countries. Access to banking, stablecoins & an effective remittance market is driving commerce. Education using Web3 technology is also driving third world countries.

• Digital technology is on the verge of disrupting whole industries en masse. The adoption of digital deeds & digital ID's will revolutionise the settlement layer for real world assets such as property, equities, bonds, currencies & more.

• Institutional Money is starting to flow into the digital asset class. E.g. Blackrock, Pimco, Houston Firefighters Pension Fund etc. We expect institutional adoption will continue as Central Banks allocate crypto to their balance sheets. This will drive additional allocations from institutional funds.

• The total market capitalisation of the digital asset class has been marked significantly lower ($1Tr versus $3Tr in Nov 2021). Bankruptcies such as Celsius, Voyager, Genesis, Luna & FTX have resulted in distressed selling of all digital assets. Countercyclically, the time to buy is now.