Author: a16z New Media Edited by: Block unicorn
As investors, our responsibility is to gain in-depth insight into every corner of the technology industry to grasp future development trends. Therefore, every December, we invite investment teams to share a major concept they believe technology companies will need to address in the coming year.
Today, we will share perspectives from the Infrastructure, Growth, Bio + Health, and Speedrun teams. Stay tuned for other team shares tomorrow.
Infrastructure
Jennifer Li: How Startups Navigate the Chaos of Multimodal Data
Unstructured, multimodal data has always been the biggest bottleneck faced by companies, as well as their greatest untapped treasure. Every company is immersed in a sea of PDFs, screenshots, videos, logs, emails, and semi-structured data.

Author: Spencer Applebaum & Eli Qian, Multicoin Capital; Translation: Golden Finance
Over the past twenty years, fintech has changed the way people access financial products, but it has not altered the actual flow of funds. Innovation has mainly focused on simpler interfaces, smoother registration processes, and more efficient distribution channels, while core financial infrastructure has remained largely unchanged. During most of this period, this tech stack was simply resold rather than rebuilt.
Overall, the development of fintech can be divided into four stages:
Fintech 1.0: Digital Distribution (2000-2010)
The earliest wave of fintech made financial services more accessible, but efficiency did not significantly improve. Companies like PayPal, E\TRADE, and Mint built on traditional systems established decades ago (for example, A

Author: Naly Source: moneyverse Translation: Shan Oppa, Golden Finance
The clock ticks, and the lever whistles mournfully. The flickering glimmer of expectation finally turned into a whimper that no one heard under the sky intertwined with K-lines.
How much time do you spend trying to predict the direction of the next candlestick? How many hours do you spend studying charts, dissecting narratives, tracking catalysts – all for a zero-sum game with less than 1% chance of winning?
Data may not support your so-called advantage, but that doesn't mean there isn't a winning way in the market.
You don't have to stumble on every trading opportunity or spend weekends chasing fleeting "excess returns". You can anchor wise men who have gone through multiple bull and bear cycles – they have proven with iron discipline that calm concentration is far more vital than the momentary dopamine pleasure.

Long time no see, dear industry partners! Aiying's team recently conducted an in-depth study of the Hong Kong government's latest "Public Consultation Document on the Implementation of the Crypto Asset Reporting Framework (CARF) and Revision of the Common Reporting Standards (CRS) released by the Hong Kong government on December 6. This document not only marks an important step forward in Hong Kong's tax transparency for crypto assets, but also brings a clear compliance direction and urgent preparation tasks for our industry participants. Today, we will interpret the core content and coping strategies of this document from a practical perspective.
1. Why is Hong Kong accelerating the implementation of CARF?
Hong Kong is listed as a "directly related to CARF" jurisdiction by the OECD, mainly due to our thriving crypto asset sector. According to the document, the OECD has explicitly required Hong Kong to implement the CARF framework by 2028 at the latest. As an international financial center, Hong Kong must be maintained

Clay Christensen's theory of disruptive innovation explains that initially inexpensive products can reshape industries. Stablecoins have shown strong performance in emerging markets, attracting ignored customers. However, existing financial institutions have not overlooked this innovation; instead, they are actively following suit. In the future, stablecoins could become a massive market asset by 2030.

Note: Recently, the well-known Internet celebrity Lan Zhanfei was kidnapped and blackmailed in South Africa, which triggered a warning of tourism safety and attracted a lot of attention in the encryption industry. Because outside crypto people have a lot of money and crypto assets are easy to transfer, in fact, kidnapping cases in the crypto industry have occurred frequently before.
Take a look at the security guide written by Carl Agnelli, head of security at a16z crypto, to crypto practitioners. Carl Agnelli is currently the Head of Security at a16z crypto, responsible for the physical security and security operations of a16z crypto's employees, facilities and events worldwide; Join a16z

Author: Anthony Pompliano, Founder and CEO of Professional Capital Management; Translated by: Shaw, Jinse Finance
Federal Reserve Chair Jerome Powell and the Federal Open Market Committee (FOMC) have begun a two-day meeting, with markets closely watching whether the Fed will cut rates.
On Polymarket, the odds of a 25 basis point rate cut have risen to 95%, while the probability of no change is at 5%.
If the Fed cuts rates, this will be the third consecutive rate cut this year (following a 25 basis point cut in September and another in October). Even though inflation remains elevated, a rate cut would serve as an “insurance” move to address mounting risks in the labor market.
However, I would like to outline the reasons why the Fed should actually cut rates by 50 basis points tomorrow. First, we know the labor market

Author: Dogan; Source: X, @doganeth_en; Compiled by: Shaw Jinse Finance
Low-collateral lending will lead the next stablecoin cycle, and here’s why.
Stablecoins are in a bull market: they help real-world businesses transfer funds quickly, securely, and at low cost. This borderless payments infrastructure is built on cryptocurrency, and regulatory clarity (such as the Genius Act and MiCA) has led to rapid breakthroughs. Today, large institutions are joining in, either building their own stablecoins or joining existing stablecoin networks.
But this is just the beginning. We are about to see a second wave of mass adoption, during which low-collateral lending will emerge. In this article, I will explain why we believe low-collateral stablecoin lending will be the next major trend.
Current On-Chain Lending
At present, we already have an on-chain lending industry with a total value locked of (T

Author: Zhang Feng
In an era where artificial intelligence technology is sweeping through the financial industry, the Monetary Authority of Singapore (MAS) released the "Consultation Paper on Guidelines for Artificial Intelligence Risk Management" on November 17, 2025. This document serves as a timely roadmap, guiding financial institutions navigating the waves of innovation toward a safe course. Not only is this the world's first full-lifecycle risk management framework for AI applications in the financial sector, but it also represents a critical shift in regulatory thinking from "principle advocacy" to "operational implementation." For any company related to the Singapore market, deeply understanding and systematically implementing these Guidelines has shifted from being an "option" to a "mandatory task."
I. Insights into the Core of the Guidelines: Seeking a Subtle Balance Between Innovation Incentives and Risk Prevention
The birth of the Guidelines stems from a profound regulatory understanding: AI is a double-edged sword. Technologies such as generative AI and AI agents are being applied in credit, investment advisory, and risk control