{"id":15986,"date":"2024-02-14T18:55:33","date_gmt":"2024-02-14T23:55:33","guid":{"rendered":"http:\/\/leadingcryptonews.com\/crypto-is-inevitable-so-we-went-all-in-meet-vance-spencer-permabull\/"},"modified":"2024-02-14T18:55:33","modified_gmt":"2024-02-14T23:55:33","slug":"crypto-is-inevitable-so-we-went-all-in-meet-vance-spencer-permabull","status":"publish","type":"post","link":"https:\/\/leadingcryptonews.com\/crypto-is-inevitable-so-we-went-all-in-meet-vance-spencer-permabull\/","title":{"rendered":"\u2018Crypto is inevitable\u2019 so we went \u2018all in\u2019: Meet Vance Spencer, permabull"},"content":{"rendered":"


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Framework Ventures co-founder Vance Spencer recalls the fateful day in 2019 when he and his housemate Michael Anderson went \u201call in\u201d on their first fund.<\/strong><\/p>\n

Having been into crypto since 2013, the pair were early ETH adopters and scooped up as much as they could afford from $2 while Spencer worked at Netflix and Anderson was at Snapchat and Dropbox.<\/strong>That nest egg \u201cwas certainly a big part\u201d of scraping the money together for the fund, which had just one outside limited partner and also swallowed up the money they\u2019d made from selling their Hashletes digital collectibles business.<\/p>\n

\u201cWe were all in,\u201d Spencer tells Magazine. <\/p>\n

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\u201cI remember the day we sold our 401(k)s. I remember the day we sold all our stock in Netflix and Snapchat. And there was basically no Plan B. It was: \u2018This was going to work, or it\u2019s gonna be negative net worth.\u2019\u201d<\/p>\n<\/blockquote>\n

From the beginning, with wildly successful early investments in Chainlink and Synthetix, the firm\u2019s modus operandi was to buy up around 5% of a project\u2019s token supply, roll up their sleeves and stake coins, provide liquidity, trade and try to improve governance.\u00a0<\/p>\n

Spencer says the strategy was born of, \u201chonestly, just desperation. Like we needed shit to work, and we needed it to work in our first fund.\u201d\u00a0<\/p>\n

\u201cNobody asked us to do it. And frankly, we didn\u2019t know what we were doing half the time, but we learned,\u201d he says.<\/p>\n

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\u201cThe team was two people for the first two years. It was Michael and I [spending] nights at the kitchen table. We didn\u2019t have an office. We didn\u2019t take any management fees from our fund. We just said, \u2018Pay us on performance.\u2019\u201d<\/p>\n<\/blockquote>\n

But with a knack for seeing where things were heading before the rest of the space caught on \u2014 too early, in some cases\u2014 Framework expanded in 2020 with an $8 million raise that saw the kitchen table work farmed out to Framework Labs, which also ran nodes on Chainlink and The Graph.<\/p>\n

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I've been involved in crypto for 11 years now <\/p>\n

Sometimes the superpower is just consistently believing and also not blowing yourself up along the way<\/p>\n

\u2014 Vance Spencer (@pythianism) January 29, 2024<\/p><\/blockquote>\n<\/div>\n<\/figure>\n

$400 million fund for Framework Ventures<\/h2>\n

When Magazine caught up with Anderson in 2021, the pair had raised $115 million across two funds and invested in Aave, The Graph, Tokemak, Zapper, Uniswap, Compound and more. In April 2022, they raised $400 million for a third fund, by which time Framework had amassed $1.4 billion in assets.\u00a0<\/p>\n

Their success is a big \u201cfuck you\u201d to the Silicon Valley VC community who\u2019d looked down on them when they were first pitching the fund.\u00a0\u00a0<\/p>\n