Institutional Capital and the Next Phase of On-Chain Finance with Andy Kangpan of Metalayer
“I felt the space was going to become very large, and a mass-market industry, where it would start to intersect with large-scale financial services. Over the past few years, we became increasingly convinced that the space was maturing, and that where crypto would impact people on a day-to-day basis is where it is applied inside traditional financial services.”
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Andy Kangpan is a Partner at Metalayer, a crypto-native investment firm focused on backing companies building institutional-grade financial infrastructure on blockchain rails. Founded by former Two Sigma investors and operators, Metalayer plays at the intersection of venture capital, on-chain markets, and next-generation asset management.
Andy brings over a decade of experience in venture capital, with a background spanning early-stage technology investing and seven years at Two Sigma, where he led the firm’s crypto venture efforts. During his tenure, he worked across private investments and liquid strategies, developing a deep understanding of how blockchain technology can be applied to reinvent core financial plumbing.
At Metalayer, Andy focuses on seed and early-stage investments in companies building for the institutional phase of crypto — particularly where on-chain infrastructure intersects with regulated financial services. His work emphasizes disciplined portfolio construction, long-term value creation, and expanding the venture playbook to include new, on-chain-native investment strategies.
Please enjoy the following insights from Andy Kangpan of Metalayer.
Post-FTX Crypto Is a Different Industry
Since 2022, the market has been quietly transforming. Speculation-driven strategies are giving way to a more disciplined, application-focused approach — one centered on integrating crypto into real financial systems. This cultural discontinuity is reshaping who will successfully build and invest going forward.
🎬 Watch: How Crypto Changed After FTX
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Why Crypto’s Real Impact Will Be Inside Financial Services
While the industry’s foundations — including self-custody and limits on government control — remain important, the current investment opportunity emerges where crypto intersects with large-scale financial infrastructure. As the space matures, Andy argues that crypto’s day-to-day impact on users will come through its application inside established financial systems — a conviction that ultimately led them to start their firm.
🎬 Watch: Where Crypto Actually Becomes a Mass-Market Industry
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Venture Capital Is Consolidating Around Scale
As a small number of firms raise a disproportionate share of industry capital, network effects are becoming a defining advantage. In this environment, newer and smaller funds can’t compete on capital alone — they need a clear, tangible way to support founders beyond the initial seed check. In a consolidated market, differentiated value creation is essential.
🎬 Watch: How Scale Is Reshaping Venture Capital
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Tokenization Has Barely Scratched the Surface
While there’s broad agreement that assets and cash will eventually move on-chain, the conversation has stalled at the first order effects. What’s missing is a deeper exploration of what it means when all value settles instantly on upgraded rails — and how that shift reshapes the remaining 95% of the financial system. That second- and third-order impact, Will Beeson argues, is where the real opportunity will emerge.
🎬 Watch: What Comes After Everything Is Tokenized
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On-Chain Finance Expands the Asset Management Playbook
As financial infrastructure gradually moves on-chain over the next decade, venture investors will gain exposure not just through equity in startups, but through entirely new return-generating strategies. Early examples, like on-chain asset managers, show how blockchain infrastructure enables new models of investment management — expanding the opportunity set well beyond traditional venture capital.
🎬 Watch: How On-Chain Infrastructure Changes Asset Management
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🎬 Watch the Full Episode
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