The crypto exchange giant now has a rank of seven in spot trading volume. At Token2049 in Dubai, they launched a big initiative for providing runway to early-stage Web3 projects spanning blockchain tech, public chains, wallets, and decentralized tools. Sounds fantastic, right? A much-needed boost for innovation. Let's peel back the layers.

Invitation Only Is This Fair?

Like so many things, the devil is in the details. This isn't an open call. No application forms. No democratized access to capital. This is an invitation-only affair. You’ll have to show that you can create value far more than MEXC’s investment arm. Immediately, alarm bells start ringing. Who decides who's worthy? How do you give that grassroots innovator in a remote village in Vietnam or Indonesia a fair shot? This is critical in winning the competitive advantages for the market against well connected, VC backed competitors developing solutions in Singapore.

Think about it. Southeast Asia isn't a monolith. It’s a beautiful quilt of cultures, languages and socioeconomic realities. A one-size-fits-all approach to investment risks ignoring the distinct needs and possibilities of every community. Will this fund actually empower local artists and developers? Or will it just replicate the power dynamics we’ve already seen and continue to serve those who already have a place at the decision-making table?

Echoes of the Past Colonialism?

This "invitation-only" model stinks of old-school gatekeeping. It reminds me of the days when Western powers cherry-picked resources and opportunities from Southeast Asia, leaving local communities with crumbs. Are we experiencing a digital colonialism? At the moment, it appears a poorly run crypto exchange is calling the shots for the future of Web3 in the area.

We need to ask ourselves: Is this fund designed to empower Southeast Asian creators, or is it a strategic move by MEXC to solidify its dominance in the region's crypto market? MEXC aims to invest in projects with potential AAA title capability within 3-5 years. What of the little guy, those smaller projects that don’t have the capital or manpower to reach such a high bar. Do they not deserve funding?

The promise of stablecoins being a key priority is particularly interesting, given how important they can be to providing stable pricing, and therefore stable trade. Even that raises questions. Will these stablecoins be used and beneficial to the local population? Or are they really just intended to enrich MEXC and its affiliates?

Forgotten Voices Speak Louder Now

I recently had the opportunity to chat with Anya, a digital artist based in the Philippines, who’s found it nearly impossible to raise funds for her NFT project. It’s just impossible to stand out,” she said to me, her voice seething. That’s because everyone is trying to invest in the same cookie-cutter projects. They don’t realize there’s an audience for all of our individual, often nuanced, stories.

Anya's story is not unique. Many Southeast Asian creators feel like their voices are being drowned out by the noise of the established Web3 world. They’re hungry for a platform that truly embraces their innovation, rather than just their profit potential.

I mean, what about the developers who are working on decentralized tools in their free time, bootstrapping their projects with their own savings, etc. And will they even receive an opportunity to pitch their innovative ideas to MEXC?

I urge MEXC to hear those voices. And further, I encourage everybody in this Web3 community to hold [those developing protocols] accountable and push for transparency.

A Call For Action Equitable Growth

As this inaugural MEXC edition unfolds, we hope MEXC can be a catalyst for meaningful change in Southeast Asia’s collective Web3 ecosystem. It must go further than simply pouring money into the issue. It needs to:

  • Establish a transparent application process: Even if it's not fully open, there needs to be a clear and accessible way for projects to express interest and be evaluated fairly.
  • Prioritize projects with strong community ties: Focus on initiatives that are deeply rooted in local communities and address their specific needs.
  • Partner with local incubators and accelerators: Leverage the expertise of organizations that already have a strong understanding of the Southeast Asian Web3 landscape.

For MEXC alone, we plan to invest at least $50-$60 million per year. Let's ensure that this money is used wisely, to empower Southeast Asian creators and build a truly inclusive Web3 ecosystem. This is no longer just a matter of making money. It’s about developing a more sustainable, equitable future for the booming region.

We can’t let this new $300 million fund go the way of so many other missed opportunities. Let's demand more than just empty promises. Let’s make sure that it really is the promised gateway for Southeast Asian Web3, and not the gate.