Hong Kong fund plans to lift $100 million for crypto funding - Slsolutech Best IT Related Website google.com, pub-5682244022170090, DIRECT, f08c47fec0942fa0

Hong Kong fund plans to lift $100 million for crypto funding

Spread the love

As Hong Kong is as soon as once more opening as much as the crypto market, native buyers are launching a $100-million fund to finance the digital business. The brand new fund, ProDigital Future, will intention at Web3 firms of their early phases, oriented on the regional market. 

In line with a Bloomberg report from March 30, ProDigital Future has completed its half-year fundraising interval with about $30 million in its pockets, although it plans to whole this sum as much as $100 million by the tip of 2023.

The fund is led by Ben Ng, a companion at Hong Kong-based fairness agency SAIF Companions, and Curt Shi, a long-time tech investor from China. At this level, Sunwah Kingsway Capital Holdings and Golin Worldwide Group have already hopped in to help the fund.

Up to now, the fundraising course of has been “comparatively clean,” as Mr.Shi informed journalists, though the buyers are cautious about placing their cash into crypto tasks. Reportedly, not solely Hong Kong buyers however some household workplaces from China, Australia and Singapore additionally participated in ProDigital Future.

The fund will “embrace Hong Kong and its insurance policies” but additionally intends to be current in Australia and Singapore, “in addition to in Europe and the U.S.”

ProDigital Future has already invested in six digital-asset tasks with metaverse firm GigaSpace and One Future Soccer, a digital soccer league from Australia, at present working in stealth mode.

Associated: OKX plans Australian growth, citing ‘large urge for food’ for crypto

In October final yr, the federal government of Hong Kong floated the concept of introducing its personal invoice to control crypto, and on Feb. 20, Hong Kong’s Securities and Futures Fee launched a proposal for a regime for cryptocurrency exchanges, set to take impact in June.

The regime suggests a needed licensing process, demanding from the potential market gamers to meet numerous stipulations, together with the secure custody of belongings, Know Your Buyer (KYC), Anti-Cash Laundering/counter-financing of terrorism (AML/CFT).