Charles Read is well-versed in the topsy-turvy nature of the cryptocurrency market, with its ecstatic highs and devastating lows that frequently give rise to both eulogies and obituaries. Read is also the co-founder of web3 investment company Rarestone Capital. However, the 28-year-old is the polar opposite of the wired investor who stays up all night obsessively in candlestick trading. The Englishman, a father of three, claims that maintaining equilibrium and trying to keep a level head are the keys to his success.
“This industry is genuinely amazing, the talent at work is at another level, but if you’re not careful, you can easily get too wrapped up in it. I share the same addictive/compulsive disposition as others in the field, and occasionally I do get carried away and work too much. But I make it a point to relax. Traveling is the ideal method for me to accomplish that since it’s difficult for me to think about cryptocurrency when I’m listening to music and seeing the globe. Exercise is a fantastic way to disconnect and unwind.
Since its founding five years ago, Rarestone, which started out as an accelerator before becoming a targeted investment vehicle, has funded almost 100 initiatives. The majority of their investments to date have been in DeFi, GameFi, and NFT companies. Read founded the firm with longtime friend and former Head of Strategy at Korean blockchain startup Blocko, Camron Miraftab. Read is a member of the advisory boards of numerous cryptocurrency firms, including Caduceus, a blockchain devoted to the growth of the metaverse. But how did he originally become engaged with cryptocurrency?
Since gaming was my first love, it has been amazing to watch the rise of blockchain games and tokenized digital goods. Obviously, my engagement in the sector precedes that entire movement.
Prior to founding Rarestone, the founders worked for Zumo, a wallet firm, and provided advisory services to high-net-worth individuals and blockchain investment funds. After the crypto winter of 2018, Servamps, a Rarestone prototype, blossomed until Read and his partners decided to close it down and go their own ways. At the start of the DeFi summer of 2020, Rarestone really took off, and at that time, we were in an exceptional position.
The DeFi summer seems so long ago. But Read claims that those that are in it for the right reasons just put their heads down and kept working when euphoric market conditions gave way to pessimistic mood during the Terra crash, an oil crisis, and growing inflation. “The pump-and-dump and spray-and-pray traders will always go about their business; some will achieve fantastic success, while others will spectacularly fail; nonetheless, longevity is what interests me more. The skilled and tenacious teams never stop striving to advance the sector and make it stronger, safer, and more user-friendly.
A Boom in Crypto Funding
The current slump has not been kind to the industry’s movers and shakers; financial services company Galaxy Digital recorded a Q2 net loss of $554.7 million, more than treble the loss it suffered during the same period last year. Meanwhile, YoY earnings at Twitter CEO Jack Dorsey’s Block Inc. increased by 29% in the same quarter. While certain NFT and gaming ventures have come to a standstill, other initiatives have kept making progress, especially in terms of funds raised.
