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Hong Kong Based Fund Sets Sights on Raising $100M for Crypto Investments

30 March 2023
in Latest News, News
Reading Time: 3 mins read
104 5
Home News Latest News

Local investors are launching a $100 million fund to finance Hong Kong’s digital economy as the city reopens to the crypto market. The new Fund, called ProDigital Future, will primarily focus on early-stage Web3 businesses.

Our first close thanks for all the friends and partners #Hongkong #Web3 #VChttps://t.co/wrydeBUsem

— ProDigital Future Fund (@ProDigitalFund) March 30, 2023

According to a Bloomberg report published on March 30, 2023, ProDigital Future has concluded its half-year fundraising campaign with approximately $30 million in its bank account. However, the Fund aims to raise $100 million by the end of 2023.

The Fund will focus on early-stage and developing businesses, particularly Chinese-affiliated IT firms transitioning to Web3. The Fund has invested in six digital asset initiatives, including the Australian digital football league One Future Football and the metaverse business GigaSpace.

ProDigital Future Fund is led by Ben Ng, a partner at the Hong Kong-based equity company SAIF Partners, and Curt Shi, a seasoned Chinese IT investor. According to Shi, the fundraising process for ProDigital Future has been relatively smooth, despite investor’s skepticism towards cryptocurrency initiatives. 

Shi noted that investors from Hong Kong, Singapore, Australia, and China have participated in the just-concluded fundraising campaign. The Fund also received support from Golin International Group and Sunwah Kingsway Capital Holdings. 

ProDigital Future aims to expand its presence in Australia and Singapore, as well as in Europe and the United States, while ensuring its portfolios and operations adhere to Hong Kong’s regulatory requirements.

In 2022, the Hong Kong government published a policy statement on the growth of virtual assets. In the statement, they expressed their dedication to creating an environment where prompt and significant protections can be established to reduce current and future risks and to support the sustainable and responsible expansion of the virtual asset market in Hong Kong. The Hong Kong government also allocated $50 million in 2023 to promote Web3 development and encourage cross-sectoral business cooperation.

On March 20, 2023, at the Aspen Digital Web3 Investment Conference in Hong Kong, Christopher Hui, the Secretary for Financial Services and the Treasury, reportedly mentioned that 23 virtual asset businesses have explicitly stated their plans to move to Hong Kong. 

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Durotimi Aribisala

Durotimi Aribisala

Durotimi is a writer who is interested in writing about emerging technologies such as blockchain, Web3, crypto, and AI. He studied business administration and management. He desires to be an entrepreneur and movie director sometime in the future.

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