Insights

Things We Learned Talking to 1,700 Projects

After speaking with roughly 1,700 crypto projects, the recurring lesson is that technical ambition is rarely the bottleneck. Market clarity, founder judgment, and real adoption are.

AdvisoryFounder diligenceGo-to-market
May 6, 2026 · 13 min read

Kronos Ventures Transitions to Proxima

Kronos Ventures transitions to Proxima on 2 February 2026, continuing its portfolio responsibilities and expanding into venture, liquid investments and advisory.

Announcement
Feb 2, 2026 · 1 min read

David Cai

David Cai

Co-founder and Managing Partner

David leads Proxima, bringing a sharp blend of experience across crypto, private equity, and investment banking. Before diving deep into Web3, he spent 15+ years at firms like Lone Star Funds, Lazard, and Perella Weinberg Partners, executing over $50 billion in M&A deals and managing a $5 billion opportunity fund. Since moving into crypto, he has been an early advocate for on-chain innovation and now advises several frontier projects across many different verticals. David studied Finance and Accounting at NYU Stern.

Jason Brannigan

Jason Brannigan

Co-founder and General Partner

Jason bridges the gap between institutional finance and decentralized technology. He has been investing in crypto since 2014. Previously, he was part of a 3-person investment team managing the $5 billion Church of England Pension Fund, where he oversaw a $300 million private equity and venture capital portfolio.

Today, Jason brings invaluable experience as he also serves as COO of Cambrian, an a16z-backed company building at the forefront of AI and crypto. The role provides Proxima, and the companies we work with, deep operational insights and practical hands-on guidance to building successful startups. Jason holds a First-Class degree in Economics from Royal Holloway, University of London.

George Aranzaso

George Aranzaso

Research Partner

George drives research and due diligence at Proxima, combining over a decade in crypto with deep experience in small cap equity investing. He started out mining Bitcoin and Ethereum in 2014 and has since evolved into a sharp-eyed investor across blockchain and emerging technologies. Before joining Proxima, he also coached an esports team to multiple Asian championship titles - a testament to his analytical mindset and competitive edge.

Michael Dulski

Michael Dulski

Advisor

Michael covers DeFi and liquid markets at Proxima, combining analytical precision with the mindset of an experienced trader. He began trading traditional markets at 16 and entered crypto in 2021, developing a deep understanding of market structure and risk dynamics. His background includes research at Poland's Ministry of Finance, where he contributed to the research department. Currently completing his bachelor's degree at the Warsaw School of Economics, he focuses on identifying asymmetric opportunities in emerging crypto markets while maintaining disciplined risk frameworks.

Evelyn Nguyen

Evelyn Nguyen

Investment Analyst

Evelyn is an Investment Analyst at Proxima, combining an economics background with a deep curiosity for crypto and emerging technologies. She focuses on research, analysis, and deal sourcing activities to identify visionary founders and markets shaping the next wave of innovation. She previously led business development at Twendee Labs, driving partnerships and blockchain initiatives across the tech landscape.

Abstract

Consumer-grade L2 portal and ecosystem focusing on-chain discovery and gasless onboarding.

BSQ Capital

Alternative asset manager providing bespoke capital solutions for businesses and infrastructure in the digital ecosystem.

Cambrian

Data intelligence API helping agents make autonomous DeFi decisions with on/off-chain data.

CONCRETE

A suite of DeFi products powering secure, automated yield strategies and unlocking new derivatives for any on-chain asset.

CoW Swap

Intent-based aggregator with MEV protection and batch auctions for the best execution of trades.

dYdX

Leading decentralized perpetual exchange with deep liquidity and pro trading tools.

Fomo

Social crypto trading app built to make onchain trading simple, fast, and community-driven.

GMI Cloud

AI-native inference cloud for production AI, combining serverless scaling and dedicated GPU infrastructure.

GRVT

Licensed DEX building a compliant CeDeFi trading venue with high speed and low fees.

INFINIT

AI application for Web3 financial execution, helping users research, create, and execute DeFi strategies through AI agents.

LayerZero

Omnichain messaging layer enabling secure, censorship-resistant cross-chain interoperability.

MyPrize

Multiplayer crypto casino and social gaming experiences; "bet together" with creators and friends.

OpenTrade

Stablecoin yield infrastructure enabling turnkey, compliant treasury products for fintechs.

Pudgy Penguins

A web3-born consumer IP brand turning NFTs into global toys, media, and community-driven products.

Sei

Parallelized high-performance Layer 1 EVM blockchain optimized for high-frequency apps and DeFi.

StarkWare

Pioneers of STARK proofs; builders of Starknet and StarkEx to scale Ethereum with validity proofs.

Cambrian

Data intelligence API helping agents make autonomous DeFi decisions with on/off-chain data.

GRVT

Licensed DEX building a compliant CeDeFi trading venue with high speed and low fees.

Kronos Research

Leading quantitative trading and liquidity provider across global crypto markets.

Orderly

Omnichain liquidity layer and SDK stack for spot & derivatives trading in DeFi.

Solv

Enables liquid Bitcoin staking and yield generation by bridging BTC to other chains and DeFi applications.

WOO

Unified trading platform with deep liquidity, zero-fee trading, and best-in-class execution across CeFi and DeFi.

Privacy Policy

1. Introduction

This Privacy Policy explains how Proxima Investments Limited ("we," "our," or "the Firm") collects, uses, stores, and protects personal information. The Firm was incorporated in Hong Kong in October 2025.

We are committed to respecting your privacy and handling personal data responsibly, transparently, and in accordance with internationally recognized data-protection principles.

2. Information We Collect

We may collect and process the following types of information:

  • Personal Information – such as your name, email address, phone number, professional title, and company affiliation when you voluntarily share it with us.
  • Business Information – including materials, presentations, or pitch decks submitted for advisory or investment consideration.
  • Technical Information – such as browser type, operating system, IP address, and pages visited on our website through cookies or analytics tools.
  • Communications Data – such as correspondence through email, messaging platforms, or online forms.

3. Purpose of Data Use

We use the information collected for the following legitimate purposes:

  • To evaluate potential advisory or investment opportunities.
  • To maintain professional communications with founders, partners, and stakeholders.
  • To conduct market research and improve operational processes.
  • To manage applicable compliance and record-keeping obligations.
  • To respond to lawful requests or regulatory requirements when applicable.

4. Data Sharing and Disclosure

We do not sell, rent, or trade personal data. Information may be shared only with:

  • Professional advisors (e.g., legal, tax, or compliance consultants).
  • Third-party service providers who assist in communication, data hosting, or analytics under confidentiality terms.
  • Potential business partners or affiliates under mutual non-disclosure obligations.

We require all third parties to maintain security and confidentiality standards consistent with this Policy.

5. Data Retention

Information is retained only as long as necessary for the purposes outlined in this Policy or as required by applicable law. Retention periods may be reviewed and updated to reflect operational needs and applicable legal requirements.

6. Security Measures

We implement reasonable administrative, technical, and physical safeguards to protect your information from unauthorized access, alteration, or disclosure. Data may be stored using secure third-party services that employ encryption and industry-standard protection protocols.

7. Your Rights

Depending on your jurisdiction, you may have rights to:

  • Access and obtain a copy of your personal data.
  • Request correction or deletion of your information.
  • Withdraw consent for data processing, where applicable.
  • Object to or restrict certain processing activities.

Requests may be directed to we@proxima.investments. We will make reasonable efforts to respond promptly.

8. International Data Transfers

As the Firm may operate globally, information could be stored or processed in multiple jurisdictions. We take appropriate steps to ensure any cross-border data transfers are conducted under adequate privacy protections and contractual safeguards.

9. Updates to This Policy

This Privacy Policy may be amended periodically to reflect new operational or legal requirements. The latest version will always be available on our communication channels, with the date of the most recent revision clearly stated above.

10. Contact Information

If you have questions, concerns, or requests regarding this Privacy Policy or your data, please contact us at:

Email: we@proxima.investments

Terms and Conditions

1. Introduction

Welcome to Proxima Investments Limited ("we," "our," or "the Firm"). These Terms and Conditions ("Terms") govern your use of our website, communications, and any materials or information made available by the Firm.

By accessing or using any of our services, you agree to comply with these Terms. If you do not agree, you should discontinue use of our materials and platforms immediately.

2. Firm Status

Proxima Investments Limited was incorporated in Hong Kong in October 2025. Incorporation does not by itself establish regulatory licensing or authorization to conduct regulated activities.

Nothing on this website or in our general communications constitutes an offer or solicitation to invest, a commitment to provide advisory services, or an agreement to transact. Any engagement or transaction is subject to separate written agreements and applicable legal and regulatory requirements.

3. Use of Information

  • The materials and information provided by the Firm are for informational and educational purposes only.
  • They do not constitute investment, legal, financial, or tax advice.
  • You should conduct your own due diligence and seek independent professional advice before making any decision based on information obtained from us.
  • The Firm reserves the right to modify, update, or remove information at any time without notice.

4. Intellectual Property

  • All content, logos, trademarks, and materials on this website or provided by the Firm are the intellectual property of Proxima Investments Limited or its licensors.
  • You may not reproduce, distribute, modify, or exploit such materials without prior written consent.
  • Any unauthorized use of the Firm's intellectual property may result in legal action.

5. Confidentiality and Submissions

  • Any information submitted to the Firm—such as business plans, pitch decks, or related materials—will be treated with reasonable confidentiality and professional care.
  • Submission of such materials does not establish any fiduciary, partnership, or advisory relationship between the submitting party and the Firm.
  • The Firm is under no obligation to pursue, respond to, or invest in any opportunity submitted unless formal agreements are executed.

6. Limitation of Liability

  • The Firm provides all materials and communications "as is" without warranty of any kind.
  • To the fullest extent permitted by law, the Firm shall not be liable for any direct, indirect, incidental, or consequential damages arising from your use of, or reliance upon, its materials or communications.
  • To the fullest extent permitted by law, the Firm disclaims all warranties regarding accuracy, completeness, and fitness for purpose of information it shares.

7. Third-Party Links

  • Our website or communications may contain links to third-party websites or content.
  • These links are provided for convenience only, and the Firm assumes no responsibility or liability for the content, security, or practices of such third parties.

8. No Offer or Solicitation

Nothing contained on the Firm's website or in its general communications constitutes an offer or solicitation to buy or sell securities or financial instruments, or to engage advisory services. Any such offer, solicitation, or engagement must comply with applicable legal and regulatory requirements in the relevant jurisdiction.

9. Applicable Law

The Firm is incorporated in Hong Kong. These Terms are subject to applicable law, including any mandatory legal protections that cannot be excluded by agreement.

10. Updates to These Terms

We may revise or update these Terms from time to time. Any modifications will take effect immediately upon posting or distribution. Continued use of our website or services following such updates constitutes acceptance of the revised Terms.

11. Contact Information

If you have any questions or concerns regarding these Terms, please contact us at:

Email: we@proxima.investments