Accelerators, incubators, and ventures play a crucial role in fostering innovative players, predominantly startups, in the ecosystem. They serve as the catalysts of web3 and blockchain adoption. TheNewsCrypto had the privilege of engaging with Markus Liman Rahardja, Chief Investment Officer of BRI Ventures, who emphasized the increasing role of accelerators in the industry.

BRI Ventures is the venture capital arm owned by the Indonesian lender Bank Rakyat Indonesia (BRI). Diving deep into the development of Web3 and blockchain, BRI Ventures boasts an expert team on the lookout for emerging innovations.

Could you take us through the BRI Ventures’ roadmap for H2 2023 as it emerges as a potential accelerator for Web3 initiatives?

Markus Liman Rahardja (MLR): As a part of BRI Ventures’ initiatives, I would say that the firm is a part of big banks. The investment thesis is always way more strict compared to the traditional investors. When we explore blockchain initiatives and related projects, we definitely tend to focus more on the infrastructure aspect. By infrastructure, we mean everything that relates to strengthening the digital infrastructures such as payment rail, identities, and so on. We are exploring those things as part of our commitment to innovation.

In your opinion, what do you think are the drawbacks of the conventional investment strategies used by traditional accelerators while approaching the Web3 and blockchain ecosystem?

MLR: I think Web3 and Blockchain are unique in a way, finding real use cases for them is necessary. Web3 and Blockchain are definitely not about throwing out some new jargon. Unfortunately, most startups are kind of complicating even the simplest things. I think what we should not do is basically follow that route blindly. The accelerators in the space should focus on true value, and building the right products with the right people. It is not entirely about the valuation, it is more about the value or utility you bring to the market.

BRI Ventures has also shown interest in NFTs. Back in late 2022, the firm funded an NFT project called SerMorpheus that focuses on enabling “drag-and-drop-NFT building.” Are there further plans to explore and engage with many NFT projects this year? Do you think there’s more to NFTs than just all the hype?

MLR: I think if we talk about NFT, it is not only about arts or buying random pictures online. NFT is about the true value of the ownership. That ownership is assured and confirmed by smart contracts. These blockchain-based contracts can help you demonstrate ownership of specific digital assets and holdings. As time progresses, this concept might extend to physical assets as well. We are interested in NFTs because the idea of proving ownership, especially with unique knowledge, can be useful in many different areas. I think NFT is still in the early days. There’s still a lot more to do for growth and to be explored. I have also no idea what to look at in the markets today.

Do you hold an optimistic or pessimistic view of the current landscape of crypto and Web3 adoption? What is your viewpoint regarding cryptocurrencies?

MLR: The main focus is not just on cryptocurrencies, but rather on the technology of blockchain itself. I have no specific viewpoint towards them as those are just one of the use cases of blockchain. Blockchain technology has been around for many years down the lane. The best way is not to sell the technology but to deliver the use cases. It’s as simple as that. I think adoption will go along with more use cases making their way to people for use.

What, in your perspective, are the most crucial factors that would aid startups to become market-ready and achieve successful fundraising?

MLR: There’s one most crucial factor. It is simply to obsess with your customers. That’s it.

Lastly, what led you to believe that Coinfest Asia 2023 is the Web3 event that you shouldn’t miss attending this year?

MLR: The rare occurrence of such vast events like Coinfest Asia 2023 turns out to be the first and foremost event in Bali, Indonesia. Having pleasant weather where the event is planned to occur, is refreshing along with the networking people in the space. It’s a privilege to meet the trendsetters and giants of the industry, all at once. Thanks to Coinfest Asia for uniting and bringing a refreshing connectivity with the peers thereby flourishing the knowledge in crypto and networking blockchain. This makes the event more special.


Disclaimer: The information provided in this interview article is for informational purposes only. It is not intended to be, nor should it be construed as, investment advice, financial guidance, or a recommendation to make any specific decisions. Readers are encouraged to conduct their own research.​