Inception Capital’s David Gan Sees the Next Phase of Crypto: Building the Automated Financial System
As the digital property market matures past hypothesis, David Gan, Founder and General Partner of Inception Capital, is putting his conviction on one transformative shift: the rise of an automated monetary system. This is the place capital, yield, and asset logic function repeatedly, autonomously, and with out friction.
Speaking at Korea Blockchain Week and Gamma Prime’s Tokenized Capital Summit 2025, Gan framed this shift as the new battleground for worth creation in digital finance.
The finish of passive cash
Gan describes the idea as easy however transformative.
“In the future, we’ll transfer away from at present’s fragmented banking layers resembling intermediaries, wires, and clearing programs, and right into a world the place monetary providers are automated, agent-driven, and at all times on.”
In Gan’s view, the future of finance is one the place cash not sits idle. Every influx, whether or not from payroll, yield, or transaction income, will be mechanically deployed into optimized methods or rebalanced throughout asset swimming pools in actual time.
Instead of manually managing financial savings or investments, people and establishments will work together with autonomous, composable monetary brokers that intelligently allocate capital round the clock.
He believes that conventional monetary rails resembling SWIFT, middleman banks, and native clearing programs will step by step get replaced by on-chain networks that function repeatedly, transparently, and globally.
The final result, he says, shall be a composable monetary layer the place asset administration, funds, and custody merge right into a single self-operating system.
As extra property acquire digital illustration, from actual property and collectibles to mental property, Gan expects a structural redefinition of how worth is custodied, traded, and banked on-chain. In his view, this shift is not going to merely digitize present programs however create an surroundings that’s sooner, extra liquid, and inherently interoperable.
This imaginative and prescient of automation is grounded in actual information. According to Bitwise Asset Management, stablecoin switch volumes surged into the multi-trillion-dollar vary in 2024, now rivaling or exceeding Visa’s annual settlement throughput whereas working at sub-1 p.c transaction prices and 24/7 real-time pace.
For Gan, this marks a transparent sign that the rails for an automatic monetary future are already right here and that the intelligence layer is what comes subsequent.
From tokenization to intelligence
Stablecoins have already confirmed that programmable cash can transfer frictionlessly and effectively throughout borders. The logical subsequent step is the tokenization of property, extending this programmability to every little thing from actual property and collectibles to mental property.
For Inception Capital, this convergence between liquidity and illustration marks a pivotal second. As worth turns into digitally native and repeatedly tradable, the automated monetary system begins to take tangible form, connecting capital and property via a unified on-chain structure.
At the Tokenized Capital Summit 2025 hosted by Gamma Prime, David Gan famous that real-world property aren’t a separate class however half of the inevitable digital migration of every little thing with worth.
“All of these property, whether or not conventional or on chain, are finally going to be digital property,” he stated. “The actual worth lies in creating higher marketplaces, enabling international liquidity, and giving buyers worldwide the identical entry to monetary primitives that Americans already get pleasure from.”
Gan additionally sees AI and crypto as pure enhances on this evolution. AI supplies the intelligence layer, studying, optimizing, and executing monetary actions, whereas crypto provides the belief, transparency, and settlement infrastructure that makes automation potential. Together, they kind the basis of what he calls the self-operating monetary stack.
A maturing business constructed for actual utility
Gan argues that the crypto business has lastly reached an inflection level. The infrastructure part, targeted on constructing blockchains, bridges, and wallets, is basically full. The subsequent wave will middle on functions that combine seamlessly into on a regular basis monetary life.
Regulatory progress helps speed up this transition. With frameworks resembling the U.S. GENIUS Act, Europe’s MiCA, and Hong Kong’s Stablecoin Ordinance, the business is starting to function inside clearer boundaries, lowering the uncertainty that after outlined the house.
“After years of volatility and uncertainty, we now have the basis for institutional adoption,” Gan stated. “What’s left is to construct the intelligence layer on high, programs that make finance run by itself.”
Inception Capital’s method
Founded in 2021 and backed by Galaxy Digital, Animoca Brands, and Bill Ackman, Inception Capital manages over 80 million {dollars} throughout its enterprise and fund-of-funds methods. The agency has invested in additional than 40 early-stage initiatives at the intersection of digital property and frontier know-how.
Gan’s method is to establish rising inflection factors early, earlier than they turn out to be consensus. His observe report contains early investments in Circle (earlier than “stablecoin” was even a time period), Ondo Finance (earlier than “RWA” grew to become a pattern), and MegaETH Labs (earlier than high-throughput L2s gained traction).
Today, that very same forward-looking lens is targeted on automated finance, the programs, brokers, and rails that can make the international financial system function autonomously.
“We’re not chasing narratives,” Gan stated. “We’re backing the builders who make finance work with out friction, who’re turning the promise of blockchain into real-world monetary automation.”
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