GM, Launching a token can make founders of Web3 startups rich—and in far quicker time than it takes to be acquired or go public in an IPO. Cryptocurrency markets are liquid, but that can also spell peril for companies if their token price falls. That’s the subject of this week’s newsletter: how one company that’s leading an emerging Web3 financial market got kneecapped overnight when its token plunged by 90%. Is this game over for MANTRA? Let’s dive in. Best, Jon and Gary What’s going on?

Dear Friends, When we founded Terminal 3, we were imagining what the internet could be if it were truly equitable. We envisioned a digital world where privacy is a right not a privilege, and where businesses can innovate without compromising trust. Our mission is to prove that data should be “accessed, not owned”, and with that, make the world more fair and secure. Today, with the announcement of our $8M seed round, we are taking the next major step towards that reality. This milestone is not

Hong Kong, 30 April 2025: Terminal 3, a Hong Kong-based Web3 startup, has successfully raised a seed funding round of US$8m. The investment will drive the development of a novel data privacy and security protocol due for launch later in the year and accelerate the adoption of the company’s decentralized identity and credentials platform for enterprises. Today, Terminal 3 already serves nearly 8 million unique users across multiple blockchains and industries. The funding round was co-led by Illu