Hong Kong To Raise $100 Million To Fund Crypto Industry
TL;DR The ProDigital Fund, established by domestic investors in Hong Kong, has raised $30 million towards its goal of raising $100 million. The fund will focus on early-stage Web3 companies catering to the local market, and is aiming to reach its target by the end of this year. The fund has attracted interest from investors in China, Australia, Hong Kong, and Singapore, highlighting a growing interest in crypto and digital assets in the region.
Hong Kong aims to regain its status as a leading finance and crypto hub, and to this end, domestic investors have established the ProDigital Fund to raise $100 million.
Already having secured $30 million in commitments, the fund aims to reach its target by the end of this year, driving the growth of the digital asset industry in Hong Kong.
ProDigital Fund To ‘Embrace’ Hong Kong And Its Policies
The ProDigital Fund will focus on early-stage Web3 companies catering to the local market. The fund’s backers include notable investment firms in Asia, such as Ben Ng, a partner at SAIF Partners, and Curt Shi, an experienced tech investor from China.
Sunwah Kingsway Capital Holdings and Golin International Group are the other investors supporting the fund. Despite the reluctance of some investors to invest in crypto projects, Shi has reported a smooth fundraising process.
The fund has attracted interest from investors in China, Australia, Hong Kong, and Singapore, highlighting a growing interest in crypto and digital assets in the region.
Shi mentioned:
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 US.
The ProDigital Future Fund intends to expand its operations beyond Hong Kong to include Australia, Singapore, Europe, and the United States while maintaining a strong commitment to Hong Kong and its policies.
The fund has invested in six digital asset projects, including GigaSpace, a metaverse company, and One Future Football, a digital football league operating in stealth mode from Australia.
Hong Kong Aims To Foster A Crypto-Friendly Environment