Hong Kong continues to embrace its growing interest in the world of cryptocurrencies. A Hong Kong investment fund has raised $30 million and plans to reach $100 million in funding by the end of 2023. The objective is to finance the launch of startups in the field of Web3 and in the Hong Kong region.
A new Hong Kong fund
Called ProDigital Future, this investment fund aims to finance the launch of startups in the field of Web3, particularly in the Hong Kong region. This information was reported by Bloomberg in a recent report published on March 30.
We learn that at the head of this fund are Ben Ng, of the Hong Kong firm SAIF Partners and Curt Shi, a Chinese investor. The first part of the fundraising closed with $30 million in fundingwith the ambition to raise $100 million by the end of 2023.
Participants in the financing would be family offices from China, Australia and Singapore, as well as Hong Kong investors. Investments have already been made, including One Futur Football, a digital football league based on the Sorare model.
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Hong Kong, China, cryptos
This initiative is part of the narrative that has been driving us for a few weeks on Hong Kong’s return to the Web3 scene. The ambition is very clear: become a global financial hub again and more particularly in the field of cryptocurrencies.
Although independent, the former British colony had been obliged to comply with the restrictive policy imposed by China on the subject of digital assets. Nevertheless, a rather unexpected U-turn took place in October 2022, when the Hong Kong government proposed a law to regulate the cryptocurrency market. In addition, on February 20, we learned that the autonomous region was working on a new system offering no taxation on cryptocurrency trading.
As we previously explained in a file published on Cryptoast, Hong Kong’s initiatives for its reopening to the world of cryptocurrencies have always been accompanied by the presence of a Chinese representative.
As Yat Siu, president of Animoca Brands explained to us at the microphone of Cryptoast, China is actively monitoring what is being built in Hong Kong. Further, he explains: “Hong Kong was China’s financial intermediary to the world. So why couldn’t Hong Kong play the same role in digital assets? “.
👉 Also in the news — Hong Kong: several Chinese banks are getting closer to cryptocurrency companies
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Journalist for Cryptoast, I strive to dissect every detail of the exciting world of cryptocurrencies and make it accessible and understandable to as many people as possible.
Lilian Aliaga
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