Good Tuesday morning, everyone. Welcome to another Tech Tech Plus live stream. I think that's what we're calling it.

Sean, welcome. I'm so excited that we get to do this in this format. I know on TV it's like three questions and we're out, right?

So excited to be here. Nothing more fun to talk about than crypto.

Nothing more heard. We've already done a lot of talking about it this morning on Tech Tech. I'm sure you have to from you know probably the moment you wake up

You just retweeted so to the people who are watching I know that there's already lots of people joining in

Please ask us your questions. We're gonna get them to Sean. I'll keep one eye on whether you want to do that the YouTube Twitter

wherever LinkedIn even you can do that.

Sean, let's jump right into it.

Let's start sort of at the very beginning.

Why do you need a dedicated crypto fund when you have other, you know, your peers who like to call themselves more generalists?

They still invest in crypto and Web 3.

Why have a fund and a large one at that dedicated to it?

You know, need may not be the right word. We're very lucky to have one.

You know, we've been investing in crypto for the last six, seven years out of, you know,

at Sequoia and a bunch of us as individuals for even longer than that.

And kind of as we restructured and became the Sequoia fund, we and became a registered

investment advisor, kind of it opens the door to have more flexibility. And over the last few

years, kind of the number one place we've gotten feedback from founders where we can do better is really in like the liquid part of crypto.

Things like participating in on-chain governance, staking, you know, even potentially sometimes like helping to buy tokens with some of our protocols launch.

And we just, those things are very hard to do in the traditional venture capital model.

And so our goal with the new fund is to have a pocket of deeply crypto-native people

that can kind of do the frontier of crypto, which is

...