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News Report

More Money Flows Into Crypto in Asia With Launch of $100M Hong Kong Fund

1 min
Updated by Geraint Price

In Brief

  • Hong Kong based fund ProDigital futures wants to invest $100 million in crypto ventures.
  • It has received $30 million in commitments so far.
  • Top executive of ProDigital Futures believe that crypto fund raising has been relatively smooth.
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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.

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