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Typically, when a song rises to number one on the Billboard charts in an instant, it's called a 'hotshot debut.' I can't think of a word that fits Web3 better than this. Web3 was the hottest topic that shook up the global startup ecosystem in 2020 and 2021—a true hotshot debut. It's the most open structure of the internet we can imagine right now, or the technology that makes it possible. Whatever definition you choose, it’s still an abstract concept.
Still, there’s a huge range of opinions and debates among founders, investors, and users surrounding this topic—including fundamental questions and doubts about whether it’s truly real or tangible.
Even in the macro environment of 2022, when asset prices were under intense downward pressure—especially in the virtual asset market, which faced the biggest drop—we decided to invest in the Web3 team called Hatch Labs.
Hatch Labs is a blockchain infrastructure team founded by early members of Decipher, the blockchain research society at Seoul National University.
The three co-founders, driven by their academic curiosity about blockchain, took a leading role in founding and stabilizing Decipher. The members who bonded over their learnings, discussions, and sharpened sense of the issues faced took their concerns beyond being just a club and turned them into a business. To say they were 'just a club' would be an understatement—their expertise made them top professionals in the field, and at the time, the blockchain scene, full of buzzwords like ICO and coin, was itself full of opportunity.
They started out by offering security audits to verify the completeness of blockchain algorithms in certain mainnets or dapps, handling security for a number of domestic and international projects. The hypothesis that greater trust would broaden the base—and that this is essential for blockchain and Web3 to go mainstream—eventually led them to expand into other infrastructure businesses. They developed a wallet to help institutions and individuals store virtual assets more safely and conveniently, and launched a custody service. They also introduced on/off ramp services, enabling the OTC movement of virtual assets with limited liquidity. The business has grown every year, maintained steady profitability since its founding, and now they've launched an intuitive and convenient public wallet service called "Face Wallet" to build larger, more inclusive infrastructure for everyone.
The Hatch Labs team went through a crypto winter right around their founding, from 2017 to 2018. That experience was a kind of trial by fire. They survived, the business expanded, and great new people joined. Even just this much shows they’re strong and resilient. What’s more, they managed all this growth solely through bootstrapping, without external investment.
That same drive and original spirit remain, but their vision has become even bolder. While Hatch Labs 1.0 focused on solving existing market problems, Hatch Labs 2.0, revved up by this new investment, aims to expand the market itself. Their mission: when cynicism and skepticism about blockchain are at their peak, to help drive true mass adoption—turning the most mainstream wallet service into a unicorn and fulfilling what everyone in blockchain has dreamed of. This is Hatch Labs’ mission.
Coming back to the original point—no one can say for certain exactly how Web3’s future will unfold, and it’ll be some time before we see the results. During that time, we intend to stay true to the fundamental values of venture capital: to be the best supporters for great teams who want to use technology to improve more lives. And that all begins by providing the capital they need to grow.
One thing I can definitely say: if you're curious about the future of Web3, look at Hatch Labs. The path they’ve taken is the history of Korea’s blockchain industry and Web3 itself—and I believe it’ll be the future as well.
BASS will be by their side until the day the Hatch team’s vision becomes reality.
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