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As Hong Kong opens up to the cryptocurrency market again, local investors are launching a $100 million fund to fund the digital industry. A new fund, ProDigital Future, targets early-stage his Web3 companies for regional markets.
according to According to a March 30th Bloomberg report, ProDigital Future has closed its six-month funding period and has about $30 million in its pocket. However, he plans to raise $100 million by the end of 2023.
The fund is led by Ben Ng, a partner at Hong Kong-based equity firm SAIF Partners, and Curt Shi, a longtime technology investor from China. At this point, Sunwah Kingsway Capital Holdings and Golin International Group have already joined to support the fund.
So far, Shi has told journalists that the fundraising process has been “relatively smooth,” but investors are reportedly wary of putting money into cryptocurrency projects. , Hong Kong investors and several family offices in China, Australia and Singapore also joined ProDigital Future.
The fund “accepts Hong Kong and its policies”, but intends to exist in Australia and Singapore “as well as Europe and the United States.”
ProDigital Future has already invested in six digital asset projects alongside metaverse company GigaSpace and One Future Football, the Australian digital football league currently operating in stealth mode.
Related: OKX plans Australian expansion, citing ‘huge appetite’ for crypto
In October 2022, the Hong Kong government floated the idea of introducing its own bill to regulate cryptocurrencies. On February 20, Hong Kong’s Securities and Futures Commission released a proposal for a licensing regime for cryptocurrency exchanges, which is expected to come into effect in June.
The administration proposed the necessary licensing procedures, requiring potential market participants to meet several preconditions, including safe custody of assets, customer verification, anti-money laundering and terrorist financing regulations. doing.
