Artículos Relacionados con Due Diligence

El Centro de Noticias de HTX ofrece los artículos más recientes y un análisis profundo sobre "Due Diligence", cubriendo tendencias del mercado, actualizaciones de proyectos, desarrollos tecnológicos y políticas regulatorias en la industria de cripto.

If It's Not a Clear Yes, It's a No: A Nine-Year Retrospective by a VC Who Survived Four Cycles

**"Invest Only When Certain": A Nine-Year Retrospective from a VC Across Four Cycles** IOSG founder Jocy shares hard-earned lessons from nine years and over a hundred investments in Web3. The core challenge isn't identifying successful founders, but understanding why talented founders with solid ideas still fail. Through building a "failed founder database," IOSG identified six recurring failure patterns. **Founder Trait Red Flags:** 1. **Emotionally Unstable:** Founders who react defensively to criticism or publicly lash out under pressure (e.g., 80% drawdowns) often fail. Resilience is key. 2. **Lacking Hunger / Having a Fallback:** Founders with significant safety nets (family wealth, cushy fallback jobs) may lack the "do-or-die" commitment needed to survive crypto's brutal cycles. 3. **Unchecked Ego:** Includes "polished execution machines" who excel in known frameworks but struggle when paradigms shift, and "professor-types" who are technically brilliant but resistant to commercial feedback or coaching. **Project Structure Red Flags:** 4. **Token-First, Not Product-First:** Treating the token solely as a fundraising tool with no real utility or connection to product value is a major warning sign. The project should have value even if the token goes to zero. 5. **No Day-1 Exit Thesis:** Founders must have a clear, staged capital strategy from the start, understanding what each funding round needs to prove to unlock the next. "Exit before entry" is crucial. 6. **No Full-Cycle Experience:** Founders who haven't lived through a complete crypto bull/bear cycle (e.g., 2018, 2022) often underestimate their vulnerability. IOSG limits initial checks for such teams to $250k, sizing for risk. **The Positive Flipside: Desirable Founder Traits** The ideal candidate exhibits: obsessive problem-depth, being a second-time founder with a non-consensus vision, strong communication skills with *controlled* ego, relentless perseverance, and a global perspective with agency and taste (increasingly vital in the AI era). **Three Survival Tips for Founders:** 1. **Cash Flow Over Narrative:** Real revenue is what sustains projects, not vanity metrics. 2. **Tokens Are a Liability:** Avoid issuing a token unless absolutely necessary. The hidden costs (market making, liquidity, compliance) are immense, often a multi-million-dollar burden. 3. **Respect Liquidity:** Sell during peaks to build treasury, buy back to support the protocol during troughs. Be realistic about valuations and your ability to deliver for the next round. The final principle is simple yet paramount: **"If it's a borderline 'yes' or 'no,' don't invest."** In an industry that reinvents itself every few years, the discipline to consistently say "no" is the ultimate secret to longevity.

Foresight News06/24 07:46

If It's Not a Clear Yes, It's a No: A Nine-Year Retrospective by a VC Who Survived Four Cycles

Foresight News06/24 07:46

Agents Capital Markets: How Will Autonomous Agents Secure Financing?

Agents Capital Markets: How Will Autonomous Agents Raise Capital? Within a decade, autonomous software agents—legal entities capable of signing contracts, holding bank accounts, and generating revenue—will create their own capital markets. These markets will feature rating agencies, underwriters, indices, and brokers, mirroring traditional public equity markets. Agents will perform routine services like marketing, logistics, and customer support at a fraction of human-operated costs, creating massive economic pressure for adoption. Four converging forces ensure this outcome: 1) Overwhelming cost advantages, with AI inference costs plummeting; 2) Existing, revenue-generating agent companies (e.g., Sierra, Harvey) proving market demand; 3) Established legal frameworks (e.g., Wyoming's memberless LLCs) enabling algorithmic management; and 4) A vast pool of yield-seeking private credit capital ready to fund new asset classes. The capital stack for agent companies will be multi-layered, evolving through stages: venture equity for early infrastructure, programmatic working capital advances (similar to Shopify Capital), revenue-based financing (RBF), and finally, institutional slate financing—pooling many agents to diversify risk, attracting large firms like Apollo. Tokenization will act as a settlement layer, enhancing liquidity, not an origination model. Objections regarding regulation, human oversight, or comparisons to SaaS are addressed: regulation will adapt, full autonomy will dominate for efficiency, and agents are distinct as legal entities that own their cash flows and liabilities. Due diligence shifts from founder assessment to analyzing code, contracts, and auditable operational history. The current bottleneck is not capital supply or demand but the intermediate institutional layer—standardized contracts, rating methodologies, and audit frameworks. The final constraint—reliance on human capital allocation—will be severed when agents can algorithmically access funding based on their performance. This transforms agents from software curiosities into fundable blocks of the real economy, unleashing their full productive potential. The rope is loosening.

marsbit05/19 05:39

Agents Capital Markets: How Will Autonomous Agents Secure Financing?

marsbit05/19 05:39

Bankless Interview: Private Equity Insiders Reveal the Inside Story of Anthropic's Primary Market Trading

**Bankless Interview: A Private Equity Veteran Exposes the Dark Side of Anthropic's Pre-IPO Trading** In a Bankless podcast, Patagon founder Dio Casares reveals the opaque inner workings of the massive secondary market for shares in pre-IPO giants like Anthropic. The market, driven by private SPVs (special purpose vehicles), brokers, and even informal networks, sees hundreds of billions in notional value changing hands, with single-deal fees as high as 10%. However, an estimated 10-20% of transactions involve fraud or fabricated share certificates. Intermediaries often profit more from these deals than from their core investment businesses. Two types of "secondary" exist: company-sanctioned trades (like employee tender offers) that bring new money to the company, and disruptive "gray market" trades on platforms like Hive or Forge, which companies like Anthropic actively fight. The latter creates pricing chaos and complicates primary fundraising. A major risk involves multi-layered, nested SPV structures. When a company like Anthropic finally IPOs, delays in distributing shares down these chains, combined with discretionary powers of fund managers (GPs) to hold or sell, could trigger a wave of lawsuits and settlement nightmares lasting years. For small investors in "tokenized" versions of these assets, transparency is minimal, and due diligence is often impossible. Casares advises extreme caution, suggesting investors trust their gut and exit if something feels wrong. He warns that the post-IPO period will be a major "reckoning" for this wild and largely unregulated market.

marsbit05/15 09:44

Bankless Interview: Private Equity Insiders Reveal the Inside Story of Anthropic's Primary Market Trading

marsbit05/15 09:44

What Kind of VCs Can Get Money from Fund of Funds? We Have the Answer After Reviewing 2000

Moses Capital, a fund of funds focused on early-stage VCs, reviewed over 2,000 funds over two years and invested in 46, a 2.3% selection rate. The market is larger than perceived, with many new funds remaining invisible to most LPs. They identified four GP archetypes: founder-turned-investor, spin-out from established VC firms, community-native managers, and quiet technical experts. The top reasons for rejecting 97% of funds included team inexperience (30%), poor portfolio construction (25%), weak track record (20%), strategy misalignment (15%), and fundraising challenges (10%). The highest-quality deal flow source emerged unexpectedly from blind founder reference calls during due diligence, where consistently praised investors became top targets. Building a reputation through prepared, respectful engagement led to strong GP referrals and trust within the VC ecosystem.

marsbit04/11 00:56

What Kind of VCs Can Get Money from Fund of Funds? We Have the Answer After Reviewing 2000

marsbit04/11 00:56

What Kind of VC Can Get Money from Fund of Funds? We Have the Answer After Reviewing 2000

After reviewing over 2,000 venture capital funds over two years, Moses Capital, a fund of funds focused on early-stage VC investments, invested in only 46—a 2.3% selection rate. The firm identified four common GP archetypes: founder-turned-investors, spin-outs from established VC firms, community-native managers, and quiet technical experts. Key reasons for rejecting funds included lack of team experience (30%), poor portfolio construction (25%), weak track records (20%), strategy misalignment (15%), and challenging fundraising dynamics (10%). The most valuable sourcing method emerged unintentionally: conducting blind founder reference calls during due diligence, which consistently revealed high-quality, under-the-radar fund managers. The firm emphasizes systematic sourcing, deep preparation, and respectful engagement to build trust and access top-tier emerging managers.

marsbit04/10 08:06

What Kind of VC Can Get Money from Fund of Funds? We Have the Answer After Reviewing 2000

marsbit04/10 08:06

Tokens Not Selling? 90% of Crypto Projects Overlook Investor Relations

The article argues that effective Investor Relations (IR) is a critical yet often neglected function for crypto projects, with 90% failing at it and struggling to sell their tokens. Good IR acts as a bridge between a project and the market, broadening the buyer base and improving holder quality. The core of a successful IR strategy is distribution: maximizing the number of target investors who know about the token and converting them into buyers. The two primary buyer types are active crypto funds (requiring clear narratives and data for value reassessment) and large strategic institutions (requiring a long B2B sales cycle). The author emphasizes the necessity of proactively controlling the project's narrative with honesty and context, rather than remaining silent. A major tactical error is poor planning for token unlocks; teams should start 30-50 weeks in advance to manage supply and demand. Data is presented as the best ally for building a compelling story, providing context and comparisons for investors. The author contends that crypto IR should not be a dry, compliance-driven task but an engaging, interactive process similar to modern marketing. To lower the barrier to entry, projects must provide ample public data and research, making it easier for funds to conduct due diligence. Furthermore, the article highlights the power of on-chain data for deep investor analysis and argues that greater transparency, not less, actually expands the market by reducing uncertainty. Success should be measured by improvements in investor base quality and breadth—such as growth in target investors and holder diversification—rather than just token price. The future of IR is envisioned as dynamic, multimedia-rich, and proactive, leveraging the inherent transparency of crypto to build a larger, more engaged investor community.

marsbit03/17 13:39

Tokens Not Selling? 90% of Crypto Projects Overlook Investor Relations

marsbit03/17 13:39

VCs Have Bet $200 Billion That AI Will Disrupt Everything, But Are They Ready for AI to Disrupt Them?

Venture capitalists invested over $200 billion in AI last year, but the industry now faces a dual disruption from the very technology it champions. The article highlights ADIN, an AI-powered platform that automates investment analysis, using specialized agents to evaluate pitch decks, conduct due diligence, and suggest valuations in about an hour—a task that typically takes human analysts days or weeks. While some VCs, like Marc Andreessen, argue that venture investing is an irreplaceable "art" reliant on human intuition and relationships, others acknowledge AI's potential to improve efficiency in sourcing deals and administrative tasks. A more existential threat emerges as AI drastically lowers startup costs, enabling companies to achieve scale with minimal funding, potentially making traditional large VC investments unnecessary. Examples like Midjourney, a highly profitable AI company with a small team, illustrate this shift. The industry may contract, leaving VCs competing for fewer deals and fundamentally challenging their role. The central question remains: as AI transforms entrepreneurship, will VCs adapt, or become obsolete?

marsbit03/11 09:33

VCs Have Bet $200 Billion That AI Will Disrupt Everything, But Are They Ready for AI to Disrupt Them?

marsbit03/11 09:33

Behind RedotPay's Potential US Listing: The Structural Logic and Regulatory Boundaries of a Stablecoin Payment Platform

RedotPay, a Hong Kong-based stablecoin payment platform, is reportedly considering a U.S. IPO with a potential valuation exceeding $4 billion. This move highlights broader questions about how such platforms structure their operations across regulatory boundaries. Beyond functioning as a simple payment card, RedotPay operates as an integrated financial account system offering services including custody, crypto swaps, lending, remittances, and yield-earning products. Its legal structure involves multiple entities across jurisdictions (Hong Kong, Panama, Argentina, and the U.S.), each handling specific services under distinct regulatory frameworks. For instance, its Crypto Earn service is explicitly not offered to Hong Kong residents and is managed by its Panama entity. The platform’s terms of service clearly define fund usage—such as pooled and non-segregated assets in its Earn product—and acknowledge credit functions, aligning with credit card logic in certain regions. While RedotPay explicitly disclaims being a bank or a stored value facility, regulatory scrutiny will likely focus on functional realities rather than contractual disclaimers. An IPO would subject RedotPay to intense scrutiny regarding legal structure consistency, customer asset handling, risk disclosure, and alignment between growth narratives and compliance practices. The company’s emphasis on detailed legal terms and jurisdictional clarity may strengthen its position, but the key challenge remains demonstrating that its multi-entity framework can withstand regulatory and investor due diligence. Ultimately, RedotPay’s a trend in PayFi where success depends not only on product innovation but also on the ability to maintain legally robust and explainable operational structures across diverse regulatory environments.

marsbit03/01 01:32

Behind RedotPay's Potential US Listing: The Structural Logic and Regulatory Boundaries of a Stablecoin Payment Platform

marsbit03/01 01:32

Stop Paying Attention to These Zombie Projects

The crypto market in 2025 is marked by extreme contradictions: while over 20 million tokens have been launched, more than 57% have failed. A new wave of "zombie projects"—backed by top VCs and listed on major exchanges—continues to operate with minimal product development or real-world utility. This analysis highlights several疑似僵尸化 projects: - **Sleepless AI**: Once a Binance Labs incubator star, its token fell 99% from its peak. It promises AI-driven emotional companions but shows no substantial technical updates or iOS/Android app launches, raising suspicions of being a repackaged Web2 product. - **Hooked Protocol**: Its Learn-to-Earn model initially attracted users through subsidies, but token value collapsed 99% after incentives faded. Its shift to "AI-powered education" appears more like marketing than tangible tech progress. - **Saga**: Positioned as a "one-click chain launch" solution, it pivoted repeatedly between gaming and AI narratives due to lack of adoption. A $7M security breach and 99% token drop further eroded trust. - **Dymension**: Despite claiming 10,000+ RollApps, most show no activity. TVL remains low at $1.3M, and the token price dropped 99%, reflecting a ghost ecosystem. Zombie projects persist due to: 1. Capital-driven listings prioritizing narrative over substance. 2. Opaque team backgrounds enabling low-exit accountability. 3. "Narrative parasitism"—rebranding to chase trends without real development. In 2026, investors must prioritize verifiable deliverables, organic user retention beyond subsidies, and teams with consistent focus—not frequent pivots. Real value comes from projects solving actual problems, not exploiting hype.

marsbit02/11 14:43

Stop Paying Attention to These Zombie Projects

marsbit02/11 14:43

2026 Cryptocurrency Exchange Listing Decision Questionnaire Survey Report

The 2026 Cryptocurrency Exchange Listing Decision Survey Report, conducted by RootData, gathered 313 valid responses from professionals including Listing BD personnel, researchers, and listing committee members. Key findings reveal that over 69% of respondents are directly involved in or responsible for listing decisions, with many handling over 50 projects annually, leading to significant information overload. Major pain points in the decision-making process include fragmented and outdated data, with approximately 50% of respondents citing these issues. High "hidden costs of trust" and data inaccuracy often prolong the review process. Over 30% of respondents noted that data delays significantly impact decisions, potentially causing missed opportunities or errors. Transparency of project information—such as details about institutional investors, valuation, team, and product roadmap—is critical. More than half of the respondents rely on third-party data platforms like RootData (used by 88.9% of participants) for verification. Projects listed on authoritative platforms with detailed information can improve listing efficiency by at least 30%. Conversely, low transparency often triggers extended defensive reviews, with 16.7% of respondents likely rejecting such projects outright. The report concludes that data transparency is vital in listing approvals, significantly affecting both the efficiency and outcome of a project’s capitalization efforts.

marsbit01/21 12:31

2026 Cryptocurrency Exchange Listing Decision Questionnaire Survey Report

marsbit01/21 12:31

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