As Hong Kong reopens to the crypto market, native traders elevate $100 million fund to finance digital trade. The brand new ProDigital Future fund is aimed toward Web3 corporations within the early levels which can be geared in direction of the regional market.
In accordance with Bloomberg report As of March 30, ProDigital Future has accomplished its six-month fundraising interval with roughly $30 million in its pocket, however plans to extend that complete to $100 million by the top of 2023.
The fund is led by Ben Ng, a accomplice at Hong Kong-based public firm SAIF Companions, and Curt Shi, a long-time tech investor from China. At this level, Sunwah Kingsway Capital Holdings and Golin Worldwide Group have already stepped in to assist the fund.
To this point, the fundraising course of has been "comparatively clean," Mr. Shi advised journalists, though traders are cautious about pouring their cash into crypto tasks. In accordance with reviews, not solely Hong Kong traders but additionally some household workplaces from China, Australia and Singapore participated in ProDigital Future.
The fund will "embracing Hong Kong and its politics" but additionally intends to have a presence in Australia and Singapore "in addition to Europe and the US".
ProDigital Future has already invested in six digital asset tasks with Metaverse firm GigaSpace and One Future Soccer, an Australian digital soccer league presently working in stealth mode.
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Final October, the Hong Kong authorities floated the concept of introducing its personal invoice to control crypto, and on February 20, the Hong Kong Securities and Futures Fee revealed a proposal for a cryptocurrency trade regime, which was adopted in June in ought to come into drive.
The regime proposes a needed approval course of and requires potential market contributors to satisfy a lot of necessities together with Secure Custody of Belongings, Know Your Buyer (KYC), Anti-Cash Laundering/Counter Terrorism Financing (AML/CFT) .