# Nothing Research

> Nothing Research is a VC fund in Shanghai backing Blockchain and Cryptocurrency. See 17 investments, check sizes, portfolio. Updated Aug 2026.

- Type: VC Fund
- Location: Shanghai, China
- Total investments: 17
- Last investment: May 2024
- Lead investor: 0%
- Last updated: Aug 2026
- LinkedIn: https://www.linkedin.com/company/nothing-research
- X (Twitter): https://twitter.com/ResearchNothing
- Website: https://www.nothing-research.com/

Nothing Research is a VC fund in Shanghai focused on Blockchain and Cryptocurrency. Nothing Research is more than a venture. We work closely and build together with founders, and most of our investments are made at an early stage, in open finance initiatives.

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Blockchain | 12 | 71% |
| Cryptocurrency | 8 | 47% |
| Web3 | 5 | 29% |
| Financial Services | 5 | 29% |
| Asset Management | 2 | 12% |

16 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Seed | 13 | 76% |
| Venture - Series Unknown | 2 | 12% |
| Pre-Seed | 1 | 6% |
| Series B | 1 | 6% |

### Country

| Country | Investments | Share |
| --- | --- | --- |
| Singapore | 4 | 24% |
| United States | 3 | 18% |
| United Kingdom | 2 | 12% |
| India | 1 | 6% |
| Japan | 1 | 6% |

7 countries tracked in total.

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| BAC Games | BAC Games is a video game company that focuses on the Web3 platform. The company's software is based on blockchain technology and employs token-based digital game economics, allowing players to stake cryptocurrencies and gain financial rewards while playing. | $1.5M | Seed | May 10, 2024 |  |
| Hedgehog Protocol | Hedgehog Protocol operates as a cryptocurrency trading fee hedging protocol. | $1.5M | Pre-Seed | Mar 06, 2024 |  |
| nftperp | NFTs have become a huge part of web3. Whether you’re in it for the tech, the art, or just to be part of the amazing communities, NFTs are here to stay.However, with nftperp, you can now speculate on the floor prices of NFT projects including Bored Ape Yacht Club, CryptoPunks and more.nftperp was established in January, 2022 in Washington,District of Columbia. | $1.7M | Seed | Nov 25, 2022 |  |
| MYSO Finance | MYSO Finance provides fully customizable on-chain covered calls and bespoke DeFi loans. | $2.4M | Seed | Apr 29, 2022 |  |
| Galleon DAO | Galleon DAO is a guild of experienced methodologists aiming to research, design, and create best-in-class thematic, leverage, and yield-based structured products on-chain across all EVM-based networks. | $1M | Seed | Feb 01, 2022 |  |
| Oiler Network | Oiler Network provides instruments for trading on changes in blockchain protocol parameters. |  | Venture - Series Unknown | Jan 01, 2022 |  |
| izumi Finance | Izumi Finance is a non-homogenous liquidity mining protocol to provide Uniswap lp token staking rewards in different price ranges. Izumi Finance improves the efficiency of incentive distribution for reward providers and enhances the earnings of liquidity providers in Uniswap. | $2.1M | Seed | Nov 10, 2021 |  |
| AscendEX | AscendEX is global operator of digital asset exchanges for diverse groups of clients from retail to institutions. | $50M | Series B | Nov 03, 2021 |  |
| Dex Guru | Dex Guru An all-in-one trading terminal leveraging on-chain analytics combined with the token swap. |  | Seed | Oct 21, 2021 |  |
| Strip Finance | Strip Finance operates as a collateralised NFT borrowing and lending marketplace. | $471.4K | Seed | Sep 30, 2021 |  |

10 of 17 investments shown.

## Co-investors
- [Wintermute](https://shizune.co/investors/profile/wintermute-trading) — VC Fund, 3 deals together
- [Youbi Capital](https://shizune.co/investors/profile/youbi-capital) — VC Fund, 3 deals together
- [ZBS CAPITAL](https://shizune.co/investors/profile/zbs-capital) — VC Fund, 3 deals together
- [Arrington XRP Capital](https://shizune.co/investors/profile/arrington-xrp-capital) — VC Fund, 2 deals together
- [AscendEX](https://shizune.co/investors/profile/bitmax) — VC Fund, 2 deals together
- [Bixin Ventures](https://shizune.co/investors/profile/bixin-ventures) — VC Fund, 2 deals together

## Similar investors

### Similar stage
- [Antler](https://shizune.co/investors/profile/antler-be9c) — VC Fund
- [Alumni Ventures](https://shizune.co/investors/profile/alumni-ventures-group) — VC Fund
- [Right Side Capital Management](https://shizune.co/investors/profile/right-side-capital-management) — VC Fund

## FAQ

### What does Nothing Research invest in?

Nothing Research invests primarily in Blockchain, Cryptocurrency and Web3 startups, most often at Seed and Venture - Series Unknown stage. Most of the 17 investments tracked by Shizune back companies in Singapore. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### When did Nothing Research last invest?

The most recent investment recorded for Nothing Research closed in May 2024. Shizune tracks 17 investments in total for this profile, including round sizes, stages and portfolio companies, all sourced from confirmed public funding rounds and refreshed monthly.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

# About Shizune
Shizune.co is an investor database. Core features:
- 48,091 startup investors (angels, VCs, accelerators, and others)
- Email, phone, LinkedIn (for intros), socials, and other contact data
- Updated daily from public funding news
- CSV and Excel export

The User can access the full database FOR FREE after signing up: shizune.co