Young founder builds crypto asset management platform for everyone to embrace crypto investment

Dec 22, 2021

Aimee Wu



Steaker, a crypto asset management platform founded in 2019, has over USD$60 million under management. While total asset under management is seeing an uptick, the team envisages a blockchain ecosystem, in which you can expect to pay for beer with cryptocurrencies.

Cryptocurrency is ready to hack the financial investment world

Binance, the world’s leading cryptocurrency exchanges, recorded $798 crypto trading volume in September versus $454 billion in July, 2021. Cryptocurrency trading volumes soared, shedding light on the boom of popularity it has received.

As a result, supply of financial derivatives in the crypto market is on the rise. For example, staking cryptocurrencies would allow you to earn “interest income” through your digital asset holdings. However, as markets tend to be volatile and diverse, crypto hedge funds like the Taiwan-based Steaker are flourishing, managing assets and maximizing returns for investors.

圖片來源 : 作者提供

Wilson Huang, founder of Steaker, has been immersed in the blockchain space from a very early stage of crypto development. Around 2014, he invested in bitcoins while it was valued at USD $225, a small amount compared to its current market price.

Wilson pointed out the dynamic landscape of the blockchain industry, “Around 2017 to 2019, financial derivatives in the crypto market are seeing an expanding number of different portfolios. Diversified combinations would allow investors to hedge their bets. Dispersed risks then make way for mom-and-pop investors.”

Brainchild of a crypto enthusiast

Founded in 2019, Steaker marks Wilson’s fourth crypto project. Wilson has long been a crypto enthusiast, entering the bitcoin market in early 2015. While studying for a master’s degree in computer science at National Taiwan University, Wilson’s prolific work on blockchain, including his master’s thesis, eventually earned himself a reputation for boasting crypto knowledge and mastering the application technology behind it. Word that Wilson was an abler who processes in fast and reliable manner soon spread around.

Soon after, when Vitalik Buterin, the co-founder of Ethereum, landed in Taiwan for Beyond Block Taipei. In the meantime, he also looked for engineers in Taiwan because rumor has it that there are a stream of blockchain-savvy engineers. Wilson had the opportunity to join the Ethereum team. There, Wilson helped develop and optimize layer 2 Plasma, lowering gas fee and ramping up transaction speed.

Vitalik Buterin, co-founder of Ethereum, recruited Wilson to work on improvements of layer 2 Plasma.(圖片來源 : Steaker)

At the misty dawn of blockchain development, Wilson was an up-and-coming blockchain engineer. He was introduced via a friend to Machi, a rap artist slash entrepreneur famously recognized in Taiwan. Wilson was made VP of Product and Engineering, during which he drafted the initial coin offering (ICO) of MITH , the first made-in-Taiwan cryptocurrency to ever make the stage to Binance, the largest crypto trading platform globally.

“I’ve long been drawn to the idea of earning big bucks by means of a computer and the internet,” said Wilson. He has participated in a vast array of blockchain applications, such as building underlying technology of blockchain with Ethereum, assisting with the rollout of initial coin offering (ICO) at MITH, developing the 3rd largest De-Fi lending platform at C.R.E.A.M Finance, and now making crypto investment easy with Steaker.

Currently, there are around 6,000 daily active users of Steaker, mainly 20 to 40 year olds from Taiwan and Hong Kong. “Crypto hedge fund platforms like Steaker are bound to see a proliferation in the future,” said Wilson. In the days to come, as tech-savvy millennials grow up to be the main force in the investment market, efficient and profitable investments made through mobile devices will be just on the spot.

$60 million asset under management

Steaker users have a wide assortment of investment portfolios to choose from. For example, some are looking for stable returns with lower risk; while others are seeking risks in return for generous interest packages. Steaker planned out investment portfolios dedicated to conservative, robust and adventurous investors.

Up to date, Steaker has managed a total of USD $60 million assets. With its internal rate of return amounting to 212% at its peak, and an average IRR of 38.05% throughout the course of time.

“All in all, Steaker strives to maximize returns, whether in a bull or bear market,” said Wilson. Steaker’s investment strategy places capacity limits on their financial products. For example, with Steaker’s high-rate plan, a USD $1.5 million cap is in place to account for market depth, which ensures the ability to provide stable yields for Steaker’s clients.

“Crypto for beer” is just around the corner

When asked what the future holds for Steaker, Wilson said the company is seeking to build an ecosystem within which offline channels are integrated with the virtual blockchain sphere. Just imagine walking away from a beer bar after your terrific time with friends there, and you tap with your phone, paying the bistro with USDT or ETH Coin. “These shops within the Steaker ecosystem can decide whether they want to convert crypto to cash, or channel them into Steaker and make interest,” said Lola Chen, marketing manager at Steaker.

Wilson envisages an ecosystem in which offline channels are integrated with the virtual blockchain sphere. That is, you can expect to buy beer with crypto through Steaker one day.(圖片來源 : pixabay)

“We carried out market research in shops we consider that are trendy and attractive to our young demographic. The results are favorable, as the shop owners consider ‘allowing crypto’ will be a selling point,” said Tesia Lu, head of marketing at Steaker.

Also, swapping is a feature Steaker seeks to enable its users in the near future. “With Steaker, you will be able to easily trade between different kinds of cryptocurrency, including USDT, ETH or BTC,” said Lola. The cross chain update could further bring convenience for crypto holders, enabling integration of assets.

Currently, the Steaker team is hungry for hybrid talent in two fields: blockchain technology and finance. “We are eagerly looking for program trading strategic engineers. These talents are hard to come by,” said Wilson. Will these people with state-of-the-art knowledge become the new “sexy” job, as data scientists have become in the past few years? Only time will tell.