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This episode is sponsored by Nexo.ioCircle and FTX US.

On today’s episode, NLW is joined by Jason Choi. Jason is an investor with Web3 angel collective Tangent, and also produces the long running “Blockcrunch” podcast (and companion VIP newsletter). In this conversation, he and NLW talk about the state of the markets, why crypto venture capital can be misaligned with the goals of decentralized networks, and what the alternatives might be.

Find our guest on Twitter: @mrjasonchoi

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsors today is “War” by Enoch Yang. Image credit: Nuthawut Somsuk/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.