As the co-founder of web3 investment firm R Mostone Capital, Charles Read is very familiar with the turbulent nature of the cryptocurrency market.
Youth without rest
Rarestone began life as an accelerator before evolving into a centralized investment vehicle. It has funded nearly 100 projects since its launch 5 years ago. Read started the company with longtime friend Camron Miraftab, former Chief Strategy Officer of South Korean blockchain startup Blocko, and most of their investments so far have been in DeFi, GameFi, and NFT ventures. Read is also on the advisory boards of several crypto startups such as Caduceus, a blockchain dedicated to metaverse development.
Charles Read with cryptocurrency and blockchain funding boom
The industry’s forerunners and shifters have had mixed fortunes during the recent downturn. Financial services company Galaxy Digital reported a Q2 net loss of $554.7 million, more than three times higher than the same period last year. Meanwhile, Twitter’s boss, Jack Dorsey’s Block Inc., saw year-over-year profits rise 29% in the same quarter. While some NFT and gaming initiatives stalled, others continued to reach milestones, especially in terms of the amount of capital raised.
A new report from Messari shows that the cryptocurrency sector has raised $30.3 billion so far this year, well ahead of 2021 and still a few months away. Restone’s own investments have remained steady despite the market slump, with the company having supported about 10 companies so far this year, mostly in the web3 system.
NFTs are one of Read’s passions, which is not surprising given his company’s track record. His personal collection includes 1/1 piece from Mike Tyson and Muhammad Ali, as well as a CryptoPunk that was recently exchanged for a Tiffany necklace and nearly 100 CryptoDickButts.
An avid gamer and art collector, Read clearly loves the direction of the field. But he wants to emphasize that the point about the industry is: that there is life outside of the Blockchain.