Andy Cho’s foray into the crypto world began at 20 with a Bitcoin purchase driven by hype, not understanding. By 24, he was the Communications Director for IQ.wiki, a crypto education platform, still grappling with the fundamentals. His journey, a deep dive down the crypto rabbit hole, has spanned six years, leading him to his current roles as Business Development Director at IQ.wiki and Head of Asia for Frax Finance, both co-founded by Sam Kazemian. Prior to his crypto career, Cho, armed with a law degree from Canada, navigated the legal field and even owned a bar.
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AI’s Integration into Web3: The IQGPT Initiative
Recently, IQ.wiki and Frax Finance collaborated on enhancing IQGPT.com, an AI-powered crypto knowledge assistant. This venture underscores the growing convergence of AI and blockchain.
Cho explains that IQ.wiki, already a comprehensive blockchain encyclopedia, recognized the potential of AI two years before its current surge in popularity. Leveraging its vast data repository, IQGPT was developed to provide users with verifiable on-chain and off-chain information, a key differentiator from general AI tools like ChatGPT. He believes AI’s role in ensuring reliable information access within Web3 is not just a trend, but a long-term evolution.
Navigating Legal Challenges in the Asian Web3 Landscape
Cho’s legal background provides a unique perspective on the evolving regulatory landscape in Asia. He notes the stark contrast between the early, less regulated days of ICOs and the current environment, where stricter government oversight is in place to protect investors. This shift, while positive for long-term sustainability, has created challenges for new projects, particularly in South Korea, where skepticism often prevails.
Bridging East and West: Unique Challenges and Opportunities in Asian Web3
Cho highlights the immense potential of Asian Web3 projects, emphasizing their innovative spirit and adaptability. While learning from Western counterparts, Asian projects are forging their own paths, evident in the vibrant Japanese GameFi and NFT scenes. However, language and cultural barriers remain obstacles. Cho’s own role, and the increasing presence of bilingual and bicultural professionals, signifies a crucial bridge connecting Eastern and Western Web3 ecosystems. A significant challenge, he adds, lies in educating Asian users about the fundamental value propositions of Web3 beyond mere speculation.
The UST Aftermath and Frax Finance’s Stablecoin Strategy
The collapse of the UST stablecoin had a profound impact on the South Korean crypto market, breeding distrust towards all stablecoins, despite algorithmic stablecoins representing a small segment of the market. Cho emphasizes the critical need for education to dispel misconceptions.
Frax Finance, having initially experimented with an algorithmic stablecoin, adapted its strategy post-UST, prioritizing USD-backed stability. Their portfolio now includes Ethereum-backed and CPI-linked stablecoins, reflecting a collaborative, rather than competitive, approach to the stablecoin market. The recent launch of Fraxtal, a layer-2 solution, positions Frax Finance for further ecosystem expansion and market dominance.
The Future of Stablecoins and the Role of CBDCs
Cho envisions a future of widespread stablecoin adoption, extending beyond Web3 and into mainstream applications like gaming. He views Central Bank Digital Currencies (CBDCs) as validation of the stablecoin concept, highlighting the potential for collaboration between Web3 innovators and governmental institutions. He believes the future holds a “stablecoin maximalist” scenario, where every project will eventually issue its own stablecoin. Ultimately, Cho remains optimistic about the future of crypto, urging balanced media coverage that acknowledges both the risks and the transformative potential of the technology.
