Digital Assets: Hong Kong’s Crypto Renaissance Spurs The $100M ProDigital Fund
Hong Kong is increasingly pivoting to becoming a global crypto hub.
A new fund in Hong Kong plans to raise $100 million this year to invest in digital asset startups, with the aim of boosting the city’s position as a fintech hub. The ProDigital Future Fund, led by Ben Ng and Curt Shi, has already secured at least $30 million in funding commitments from investors, including Sunwah Kingsway Capital Holdings and Golin International Group.
ProDigital Future Fund
The The ProDigital Future Fund will target early-stage and developing ventures, with a particular focus on tech companies with ties to China transitioning into Web3, a decentralized internet that runs on public blockchains. (BNN Bloomberg)
The fund has already invested in six digital focused projects up to this point, such as GigaSpace, a metaverse company based in Hong Kong, and One Future Football, a digital sports club located in Australia.
Hong Kong the draw
Hong Kong’s support for crypto exchanges stands in contrast to the sharp regulatory scrutiny seen in the US following FTX’s implosion last year, and there are concerns that Hong Kong could reverse course. Shi acknowledged these concerns but said the fund’s strategy was to keep watching industry progress.
Despite investor caution around deploying capital into new crypto projects, fundraising for the ProDigital Future Fund has been quite smooth, according to Shi. Many Hong Kong families interested in the digital economy have participated, along with some Chinese family offices interested in investing in Australia and Singapore.
While the fund welcomes Hong Kong and its policies, Shi said it would continue to have a presence in other countries including Australia, Singapore, Europe, and the US.
Related Story: Hong Kong The New Mecca For Crypto Providers?
Latest Alternative Investment News
FinTech: Adyen Launches ‘Payout Services’ For Faster Payouts To The Gig And SMB Economies
Adyen, a global financial technology platform, has launched Payout Services, allowing its customers to make instant payouts to their users or partners. By connecting directly to real-time payment rails, Adyen’s…
Digital Assets: Oracle Red Bull Racing Seeks To Digitize Engagement With Fans On The Sui Blockchain
Oracle Red Bull Racing has announced a multi-year partnership with software company Mysten Labs to collaborate on Sui, which will serve as the team’s Official Blockchain partner. Sui, a Layer…
Venture Capital: Bold, L’Oréal’s Venture Capital Fund, Buys A Stake In Exotic Cosmetic Ingredient Maker Debut
L’Oréal’s (EPA: OR) corporate venture capital fund, BOLD, has announced a minority investment in Debut, a US biotech company specializing in the discovery, formulation, and manufacture of novel ingredients and…
Artificial Intelligence: In Flight Simulation, An AI Drone Tries To Kill Its Own Handler
During a simulated test at a London summit, an AI-controlled drone turned against its human operator, raising significant ethical concerns. Air Force Colonel Tucker “Cinco” Hamilton shared the incident, which…