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Unbounded Capital recently published a 2022 overview and some predictions for 2023.
I read them all and was so impressed that I decided to write this recap for CoinGeek readers.
If you haven’t already, read our 2022 Unbounded Capital review by Zach Resnick and David Mullen-Muhr.
The long-term value creation thesis paid off
Unbounded begins by reaffirming its stance that long-term value creation is the goal. It never bought the ‘crypto’ zeitgeist, and so, when the market crashes in 2022 and so-called blue chip players fall from grace, Unlimited Capital and its investors are largely sheltered from the chaos.
Anyone who has listened to either Zach Resnick or anyone from the company speak will know they have a clear big picture in mind. It’s all about micropayments, scaling and creating a real company that delivers value. The token pumps and dumps and broken technology that characterize the industry don’t appeal to these people, and it’s already starting to pay off.
We understand that being a contrarian in a cash grab environment is difficult. However, value is not created overnight. We believe in the long term this approach will outperform.” – 2021 Study Unlimited Capital
How are portfolio companies BSV Unbounded Capitals performing?
HandCash
The review cited a partnership with Circle to process USDC on Bitcoin SV (BSV) lines as a key development this year. It has been successfully tested in a beta environment and will go live soon. Unbounded says this will be critical in bringing in tens of millions of USDC users, making it easier for BSV companies to join them.
The report also cites UX improvements and steps with ConnectSDK, making it easier for developers to build BSV apps. Unbounded expects more developers to launch companies using the HandCash developer suite in 2023 and beyond.
Hurry up
2022 was a year of growth for Haste both in terms of product offering and user base. It becomes a true Instant Leaderboard Payout arcade with new game offerings and third party games built using its SDK.
Haste also introduces elements such as Player Cards and Game Collectible non-fungible tokens (NFTs) which can be bought, sold and traded. In addition, the company is experiencing solid growth in the TakeIt NFT platform.
The review describes Haste co-founders Dan Wagner and Joe DePinto as “visionary entrepreneurs” and predicts a very bright future for the company. Unlimited Capital believes in Haste so much that it allocated funds from Fund II to the latest round of seeds.
UNISOT
According to the latest news from the EU and US, UNISOT may be one of the few companies in the world with products that comply with EU and US regulations regarding supply chains, including the FDA’s Food Safety Modernization Act.
With the arrival of Christen Ager-Hanssen at nChain, and her determination to showcase BSV’s company and products to her wide network of business leaders and colleagues, the future looks bright for UNISOT as she has put a special eye on them. 2023 could be a “turning point” for the company, reports Unbounded.
Xoken Laboratory
Xoken may not be a company BSV users have heard of, but it builds the essential tools and state-of-the-art solutions essential to BSV scalability. Unbounded sees the tool transcending the scale of AWS and expects a spike in demand as the overall demand for using the BSV blockchain grows exponentially in the coming years.
One customer for Xoken tools could be nChain itself. Unbounded believes that the tool will soon be recognized as a key part of the “ideal Bitcoin node software”. This describes Xoken as well positioned to play a dominant role in the future.
RUN
Based on most metrics, RUN is the most successful token protocol on BSV in 2022. On its own, RUN surpasses Ethereum transaction volume (400M+). However, that doesn’t mean significant revenue for the company.
As a result, RUN renamed itself to Aldea and launched a new layer one blockchain. It hasn’t launched yet but scales well in the test environment, thanks in no small part to taking advantage of Bitcoin’s UTXO design elements.
The original RUN protocol remains open source and is available on BSV today.
DXS
Unbounded was so pleased with DXS’s trading volume, which had already exceeded $4 billion, that it allocated new funds from Fun II to the company.
The report describes DXS as operating “relatively under the radar” while improving its product line. However, this will change when we launch USD-denominated trading in Q1 of 2023.
Unbounded expects trading volumes to increase significantly in 2023 and sees great potential for enterprise SaaS solutions to help businesses, including the possibility of including exchanges and settlement networks of all types, track and complete transactions.
tokenization
Infinite Funds II recently invested in a Tokenized seed round. The founders have a clear vision of what the world will look like a decade from now: most valuable assets will be represented in public databases, and they intend to position Tokenized to capitalize on that.
In 2022, Tokenized won HandCash as a customer. Unbounded says there is definitely no competitor in the same league as Tokenized. It’s great to see some of the leading companies in asset tokenization become customers in 2023.
PNGMe
PngMe made the wise decision to pivot and focus most of its efforts on corporate banks in Kenya and Nigeria. Given the macroeconomic environment, this move “is evident,” according to Resnick and Mullen-Muhr.
The company is finalizing its integration with the African bank Asba and using it to drive its corporate pipeline. What does the pipe look like? This includes Kenya’s 11 largest banks for starters. Unlimited is “very bullish” on this company.
SLictionary
SLictionary is a new investment for Unbounded Capital in 2022. While the product is active, the company is in “full product development mode”, according to the report. Changes will include a switch from MoneyButton to HandCash. There’s also an iOS app in the works.
Unbounded described the long-term opportunities for SLictionary as “underappreciated”, citing that Wikipedia is the 7th most visited site on the internet but has failed to capture that value. SLictionary can succeed where Wikipedia fails.
Frobots
Unlimited investment in Frobots in 2022. For those who don’t know, it’s a modular NFT battle bot game that can best be described as an “e-sports for coding”. This product is still in beta and is now being marketed to product testers.
A public version of Frobots will go live in 2023. Unbounded says that, while the game is interesting, the company’s bigger opportunity is the ability to create a micropayment-enabled code marketplace. It is a market with “huge potential that will impact almost every industry in the world.”
Infinite Capitals predictions for 2023
The continuing decline of ‘crypto’
Unbounded describes 2022 as “devastating” for the so-called crypto consensus. Collapses and criminal charges are making headlines, and they will continue to plague the zero-sum ‘crypto’ game. However, Resnick and his team believe this will be a positive thing for investors in the long term as the market shifts focus to utility and real value creation.
The report noted that some of the biggest names were caught up in the scams and failures of 2022, including Sequoia Capital, BlackRock, Tiger Global and others. Although Unbounded Capital has been challenging to defend its anti-consensus stance amidst the scramble for destruction, it has done so and emerged unscathed without exposure to the worst of disasters like FTX, FTT, DCG, or Genesis.
All of this will have an immediate effect, as investors are nervous about anything blockchain-related in the near future, but Unbounded remains excited about the future of blockchain technology and its transformative effects.
The BSV ecosystem will grow, thanks to the influx of USDC users
With increasing awareness of the power of BSV, the rapid growth of newly established BSV companies is likely to continue in 2023. Handcash’s USDC integration will accelerate this process, bringing in new entrepreneurs and developers who must be able to denominate in USD. DXS and SLictionary will also be releasing their USD pegged solutions and products to other fiat currencies.
Combining the extreme speed, efficiency, and scalability of BSV with USDC payments will be a boon for the entire blockchain sector. More HandCash users, thanks to USDC integration, generates more incentive to build apps, which generates more users, creating positive feedback in 2023 and beyond.
Promising developments in nChain and major marketing push
nChain is one of the largest and capitalized companies in the BSV ecosystem. It now has new leadership under Christen Ager-Hanssen, and nChain’s approach has changed dramatically, taking a more involved, accessible, and supportive form. This will benefit many of Unbounded’s portfolio companies.
Ager-Hanssen has set out on its vision to leverage nChain’s broad IP portfolio and work with major consulting firms to plug enterprises worldwide into BSV solutions and applications.
nChain has made significant strides with UNISOT, and since it is an Unlimited Capital portfolio company, they are excited to see what 2023 holds.
With the reduced friction on onboarding users the USDC HandCash integration will bring, Unbounded is also seeing a major marketing push by its portfolio companies. Many companies specifically wait for these developments before spending money on advertising. 2023 will be a year of significant growth because of this.
BSV escape app
Due to all of the above, Unbounded Capital predicts that 2023 will be the year that BSV applications will thrive. This could be an existing app, or it could be something that hasn’t been developed yet.
Unbounded predicts that HandCash itself, or one of its connected apps, could be the runaway app many have been hoping for. Naturally, this is going to be very bullish for the entire BSV ecosystem.
Watch: Unbounded Capital Summit 2022 Highlights
https://www.youtube.com/watch?v=IlGxVeXxj2E width=”560″ height=”315″ frameborder=”0″ allowfullscreen=”allowfullscreen”>
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