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Triple-role COI template · VC GP + large-customer Board + portfolio-company CEO triangular structure

Confidence: Likely Updated 2026-05-26 Review by 2026-11-18 Sources 4 Machine-translated Original (JA)
#business#people#coi#vc#governance#hedge
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This entry sits under business INDEX as a public-company-strategic-case anchor. Read it against jamie dimon anti crypto pivot case for peer / contrast context and fintech index for the broader system / regulatory boundary.

Key facts

  • VC co-founder = long-term investment horizon + does not chase short-term token speculation
  • Board of a large customer = internal access + compliance priority + SEC-risk avoidance
  • CEO of the portfolio company = directly handles the product + can directly mobilise the resources of the prior 2 roles
  • Matt Huang’s template: Paradigm ($13B AUM) + Stripe Board (2021-11) + Tempo CEO (2025)

Mechanism / How it works

The 3 roles are not an accumulation of conflicts of interest, but rather a relationship that mutually “unlocks in the reverse direction.” The VC role means the portfolio company’s CEO does not need to cash out valuation in the short term → the pledge of “no token issuance for 5-10 years” becomes possible (reference: the Large asset manager's crypto-asset compliance triangle template · ETF + RWA tokenisation + political influence template). The large-customer Board role allows the portfolio company to connect early to the compliance path + advance product integration (e.g. Tempo + Stripe Connect) → the regulatory-opposition side cannot apply pressure on the grounds of “an independent small company.” The CEO role ensures the resources of the prior 2 roles are not diluted at the intermediate layer (contrast object: the reading of Reading cross-institution movement of key talent as an industry-forecast signal · JPM Onyx → Apollo). None of these is achievable for a holder of any single role: a pure VC does not enter the product, a pure Director does not lead the link, a pure CEO lacks the internal line to a large customer. The combination of 3 roles = 1 person forms a strategic lock.

Diagnostic template: when the CEO of a crypto project is simultaneously a partner at a top-tier crypto VC and also a director of a traditional-finance large customer, rather than regarding it as a COI risk, one should read it as the true explanation for why that project does not issue a token / does not rush to list / does not engage in valuation rivalry.

Origin & evolution

The origin of the template is the “GP + Board” two-role structure of early Andreessen Horowitz / Sequoia (the need for post-investment operational support). But the form of “holding 3 roles in 1 person” appeared only in the crypto era. The reason: for a crypto project, “whether or not to issue a token” is the biggest variable for valuation and regulation, and the token-skipping pledge carries credibility only for a figure who holds the hedge of the prior 2 roles. In 2024-2025年, 3 prototypes emerged: Matt Huang (Paradigm+Stripe+Tempo) / Brian Armstrong (a prototype but lacking an independent VC) / Fred Ehrsam (Paradigm + stepped down from the Coinbase Board). Matt Huang is the only complete form.

Sources