Hot off the press Call us old school Some things never change

📈 Leaving Goldman to build the first real crypto private equity firm @dannheim_ helped build Goldman’s digital asset business from scratch. She wasn’t looking to leave, until she saw the @inversion_cap deck. In our latest @Angels2Allo episode, Suz shares why she joined @santiagoroel to build Inversion: a firm acquiring traditional businesses and driving massive value through blockchain integration. We dive into: 🔹 The real reason crypto hasn't scaled — and how to fix it 🔹 Cutting telco costs by 90% using Deepin tech like Helium 🔹 Why institutions trust ETFs but still won’t touch ETH 🔹 The case for launching a new L1 — when you control 50M+ users 🔹and a lot more If you invest in crypto, infra, emerging markets, or private equity, this one’s a must-listen YouTube: Spotify:

"I couldn't tell you that I'd be in the same position if I tried to do @inversion_cap 4 years ago." - @santiagoroel "This is the first thing that actually makes a lot of sense.'" "A lot of it is not just to what we're doing." "I think the industry is at a point where it's actually a very pivotal moment."

"I've been very very impressed by the caliber of other ecosystems that I perhaps was not paying enough attention to" - @santiagoroel "I've gone deep into the Avalanche working with them tied to the hip, @inversion_cap will be an @avax L1." "Avalanche is like the closest thing to enterprise grade, the quality of the team, for us it matters a lot."

DePIN networks have unlocked a lot of value by creating reliable infrastructure networks that are community-owned and maintained. Projects like @helium @GEODNET_ and @Hivemapper have built alternative infrastructure that rivals traditional giants at a fraction of the cost. Importantly, these DePIN networks produce reliable data - often times more up to date and precise than privately owned networks. DePIN networks will get increasing demand from end users. Hivemapper and Geodnet are winning large customers by the day. Helium MVNO keeps growing users. Inversion is focused on deploying and leveraging DePIN networks to materially cut costs of traditional businesses that spend a lot on infrastructure. Most folks don’t appreciate how antiquated and inefficient traditional infrastructure is because it is incredibly capex intensive. It creates monopoly like markets and some businesses are takers of infrastructure costs. That’s where you can cut costs. While I don’t disagree some DePIN networks have tokenomics issues, I believe it is a solvable problem if they see strong demand. Also, the value capture may just happen at a greater share at the application layer. Companies lower costs by switching infra providers from traditional to DePIN networks. That’s our thesis to inform the type of companies we acquire. - MVNOs: lower spectrum costs with Helium network - companies that pay a lot for precise geolocation data. Switch to Geodnet at a fraction of the price - Same is true with Hivemapper It’s not just cheaper to use DePIN infra, but in some emerging cases the infra is more reliable and precise. Not the case for most but some networks do have this. These networks will create a ton of value. For the reasons above, I believe DePIN is a game changer and the most overlooked sector in crypto. One which is core to our thesis at @inversion_cap DePIN is the frontier

Investment by Investment

We’re excited to welcome Santiago Roel Santos (@santiagoroel), Founder of @inversion_cap, to Proof of Talk 2025, joining 120+ leading voices in Web3 & AI. As the founder of Inversion, Santiago is focused on acquiring traditional businesses and rebuilding them with blockchain-native infrastructure, pushing forward a new model for integrating crypto into the real economy. He brings a rare blend of deep financial expertise and crypto-native vision to the table. Previously, Santiago was a Partner at @paraficapital, one of the earliest and most prominent institutional investors in DeFi, where he helped scale many of the space’s foundational protocols. His background also includes investment roles at Sageview Capital and @jpmorgan, where he focused on internet, software, and financial markets. At PoT25, Santiago joins a global lineup of investors, founders, and thought leaders defining the next era of blockchain-powered business. Join Santiago at Proof of Talk:

“We're all sitting here hoping someone fixes crypto’s problem, but everyone’s just speculating. That’s not a retention strategy.” - Santiago R. Santos In this episode of Proof of Talk, Santiago R. Santos (@santiagoroel), investor, founder of Inversion Capital (@inversion_cap), and one of the space’s clearest voices, joins Mia Soarez (@miaferrariii) to dissect why crypto still hasn’t crossed the adoption chasm. Spoiler: it’s not about better UX or regulation anymore. Santiago believes we’ve been onboarding users the wrong way from the start. From the industry’s broken acquisition funnel to the power of crypto-enabled real-world businesses like mobile carriers, Santiago lays out a playbook that flips the script on mass adoption, one that doesn’t start on an exchange. Whether you’re building for crypto’s next billion users or still optimizing for the first million, this one’s a must-listen. 🎧 Watch the full episode now

Consumer 🔺option of Web3 @santiagoroel. Great chat at @ADGlobalMarket!

Finance used to be product first. Now it has to be customer-first.