Hong Kong Fund Seeks $100 Million For Crypto Investment
The new equity fund, which will be based in Hong Kong, will focus on the local market and be open to Web3 startups.
As the crypto market in Hong Kong reopens, local investors are starting a $100 million fund to help finance the digital industry. The new fund, called ProDigital Future, will be for Web3 companies in their early stages that are focused on the local market.
ProDigital Future has about $30 million in its bank account after its half-year fundraising period. But by the end of 2023, it hopes to have raised $100 million.
Ben Ng, a partner at the Hong Kong-based equity firm SAIF Partners, and Curt Shi, an experienced tech investor from China, are in charge of the fund. Sunwah Kingsway Capital Holdings and Golin International Group have already joined the fund to help it out.
Shi told reporters that the fundraising process has been “pretty smooth” so far, even though investors are still hesitant to put money into crypto projects. Some family offices from China, Australia, and Singapore, as well as investors from Hong Kong, are also said to have taken part in ProDigital Future.
The fund will “embrace Hong Kong and its policies” but intends to be present in Australia and Singapore, “as well as in Europe and the United States.”
ProDigital Future has already put money into six digital asset projects with metaverse company GigaSpace and One Future Football, an Australian digital football league that is currently operating in stealth mode.
In October 2022, Hong Kong’s government talked about putting forward its own bill to regulate crypto. The Securities and Futures Commission of Hong Kong released a proposal for a licensing system for cryptocurrency exchanges on February 20. This system is set to go into effect in June.
The regime suggests a necessary licensing process that requires potential market players to meet several requirements, such as keeping assets safe, knowing who your customers are, and following anti-money laundering and countering the financing of terrorism rules.
