Home Business Hong Kong fund aims to raise $100 million for crypto investments

Hong Kong fund aims to raise $100 million for crypto investments

Report: Hong Kong residents are not interested in digital Yuan

Local investors in Hong Kong have launched a fund to fund the digital industry as Hong Kong reopens to the crypto market.

Pro Digital Future

The new fund, called ProDigital Future, will focus on Web3 start-ups targeting the regional market.

ProDigital Future has according to a Bloomberg report as of March 30, raised approximately $30 million during its semi-annual fundraising period. However, the fund, led by Ben Ng, a partner at Hong Kong-based equity firm SAIF Partners, and Curt Shi, a veteran technology investor from China, plans to raise $100 million by the end of 2023.

The fund is currently backed by Sunwah Kingsway Capital Holdings and Golin International Group.

According to Shi, the fundraising process went “relatively smoothly,” but investors are cautious about investing their money in crypto projects. Reportedly, investors from Hong Kong and some family offices from China, Australia and Singapore also participated in ProDigital Future.

The fund will focus on embracing “Hong Kong and its policies,” but also has plans to have a presence in Australia and Singapore, as well as Europe and the United States, according to ProDigital Future. The fund has already invested in 6 digital asset projects, including GigaSpace, a Metaverse company, and One Future Football, an Australian digital football league currently operating in stealth mode.

Regulating crypto in Hong Kong

Last year, Hong Kong’s government came up with the idea of ​​submitting its own bill to regulate crypto. A proposal has also been made for a licensing regime for crypto exchanges. It is expected that this proposal will be realized later this year, but it is not yet known exactly when.

This regime proposes a licensing procedure that every cryptocurrency exchange must comply with, requiring market players to meet various conditions, including safekeeping of assets, Know-Your-Customer (KYC), Anti-Money Laundering (AML) and Combating the Financing of Terrorism Regulations.

It is currently unknown what Hong Kong’s next step in the crypto world will be.

No Comments

Leave A Reply

Please enter your comment!
Please enter your name here

Exit mobile version