ProDigital Futures, a Hong Kong investment fund, wants to invest $100 million in Web3 startups as the country aims to become a regional crypto hub.
According to a Bloomberg article, ProDigital Futures has raised $30 million in funding commitments. Further, it plans to invest $100 million in crypto startups.
The firm, led by Ben Ng and Curt Shi, has already invested in six digital-asset projects. They include Hong Kong-based metaverse company GigaSpace and Australia-based digital sports club One Future Football.
Fundraising has Been Relatively Smooth: ProDigital Futures
Despite the turmoil in the crypto market after the FTX collapse, Shi believes fundraising has been “relatively smooth.”
ProDigital Futures has received participation from Hong Kong and Chinese family offices. Shi says, “I believe that Hong Kong will continue to have a certain degree of openness and flexibility. While our portfolio and fund will embrace Hong Kong and its policies, we will continue to have a presence in Australia, Singapore, as well as in Europe and the U.S.”
With Hong Kong’s ambitions of becoming a crypto hub, it has received interest from the businesses such as Singapore-based DBS bank and crypto exchange Huobi.
Last week, Singapore’s BitRock Capital fund announced its plan to inject $100 million into Web3 startups.
Got something to say about ProDigital Futures or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or Twitter.
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.