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

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 trade. The brand new fund, ProDigital Future, will goal at Web3 firms of their early phases, oriented on the regional market. 

In keeping 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 complete this sum as much as $100 million by the top of 2023.

The fund is led by Ben Ng, a associate 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 assist the fund.

To this point, the fundraising course of has been “comparatively clean,” as Mr.Shi instructed journalists, though the buyers are cautious about placing their cash into crypto initiatives. Reportedly, not solely Hong Kong buyers however some household places of work from China, Australia and Singapore additionally participated in ProDigital Future.

The fund will “embrace Hong Kong and its insurance policies” but in addition 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 initiatives with metaverse firm GigaSpace and One Future Soccer, a digital soccer league from Australia, at the moment working in stealth mode.

Associated: OKX plans Australian expansion, citing ‘huge appetite’ for crypto

In October final 12 months, the federal government of Hong Kong floated the concept of introducing its own bill to regulate 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 obligatory licensing process, demanding from the potential market gamers to meet a number of prerequisites, together with the protected custody of property, Know Your Buyer (KYC), Anti-Cash Laundering/counter-financing of terrorism (AML/CFT).