Partner
HashKey CapitalCheck size: Firm-level public estimate: typically $1M-$5M, varying by stage and opportunity
Xiao looks for durable, real-use-case crypto products that can bring users from Web2 into Web3 and survive multiple market cycles. Public interviews show a broad mandate across DeFi, gaming, stablecoins, and AI, with especially strong interest in DePIN and real-world-asset tokenization, as well as Ethereum and Layer 2 ecosystems.
Products with real use cases and low-friction onboarding that bridge Web2 users into Web3, plus infrastructure that connects blockchain to the physical economy or regulated real-world assets. Xiao also emphasizes teams and products capable of lasting beyond a single crypto cycle.
The public thesis argues against cycle-dependent projects without a durable use case, credible path to mass adoption, or tooling that substantially reduces the friction of moving users from Web2 into Web3.
Start with the real user problem and demonstrate why blockchain materially improves the product. Show a low-friction Web2-to-Web3 onboarding path, evidence the company can survive a full market cycle, and explain ecosystem fit. For DePIN or RWA, address mechanism design, timing, regulation, custody, interoperability, and the link to real-world demand.
Assess whether a project has a real use case, can keep creating value after the current market cycle, and lowers the practical friction of moving users from Web2 into Web3. Source: https://www.theblock.co/news/deals/2023-01-17-crypto-hashkey-capital-third-fund-500-million-202755
For DePIN, evaluate the incentive mechanism first, then market timing and the underlying hardware/user fundamentals that determine whether real adoption is plausible. Source: https://hashkey.capital/news/details43_205.html
A cross-sector review of ZK, gaming, DePIN, and other Web3 themes, emphasizing mechanism design, timing, real demand, and founders who learn quickly in crypto-native markets.
No podcast appearances are linked yet. Ask Kit to check for interviews that reveal how this investor thinks.
“Projects that have real use cases and are focused on building tooling for easily onboarding new users from web2 to web3.”
— https://www.theblock.co/news/deals/2023-01-17-crypto-hashkey-capital-third-fund-500-million-202755
Xiao Xiao has been with HashKey Capital since 2020 and is now a Partner and member of the HashKey Fintech III investment committee. Public professional records list degrees from Wuhan University and ESSEC Business School; HashKey's own materials show Xiao contributing to the firm's cross-sector Web3 research and investment panels.