Last updated on September 15th, 2023 at 07:29 am
Hong Kong-based crypto group HashKey has introduced its first secondary crypto market fund. The fund, launched on September 1, 2023, is set to focus on investments in altcoins.
Jupiter Zheng, the portfolio manager at HashKey Capital, the group’s investment arm, told Reuters that less than half of the fund’s investments would be allocated to Bitcoin and Ethereum. The primary objective of the fund is to outperform the market leader, Bitcoin, by betting on the potential of altcoins.
Zheng further disclosed that the fund has already attracted potential clients, including high-net-worth individuals and investment firms serving rich Asian families.
According to Reuters, HashKey Capital’s ambitious target is to raise $100 million for the new fund within a year. In January 2023, the firm successfully closed its third venture fund, amassing $500 million.
HashKey Capital boasts assets under management exceeding $1 billion and maintains a venture portfolio that includes companies like Aztec, Blockdaemon, dYdX, Animoca Brands, and Polkadot, according to information available on its website.
The HashKey Group has been actively expanding and diversifying its offerings, particularly since Hong Kong authorities released regulatory guidelines for the crypto sector in the region. In August 2023, HashKey Exchange became the first crypto exchange in Hong Kong to secure a licence under the city’s new regulatory regime. The new licence allowed it to expand its services beyond professional investors and cater to retail investors in the region.
In April 2023, HashKey unveiled HashKey Wealth, a brokerage platform catering to investors and high-net-worth clients. The platform offers high liquidity bulk trading options and positions itself as a secure and reliable channel for fund circulation. Remarkably, this brokerage platform was the first compliant OPT service in Hong Kong after the introduction of the new virtual asset exchange regulatory framework.
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