Hong Kong’s re-emergence into the cryptocurrency market has sparked the launch of ProDigital Future — a new $100 million fund to finance early-stage blockchain and Web3 companies in the region. ProDigital Future has already raised $30 million during its half-year fundraising period and aims to reach its target of $100 million by the end of 2023.
The fund is backed by Ben Ng, a partner at Hong Kong-based equity firm SAIF Partners, and Curt Shi, a veteran tech investor from China, as well as Sunwah Kingsway Capital Holdings and Golin International Group. While investors are hesitant to put their money into crypto projects, Shi has reported the fundraising process to be “smooth.” In addition, investors from China, Australia, Singapore, and Hong Kong have taken part in ProDigital Future.
The ProDigital Future fund intends to invest in digital-asset projects across the globe, from Hong Kong and Australia to Singapore, Europe, and the United States. The company has already invested in six projects, including GigaSpace and One Future Football – a digital football league operating in stealth mode.
As part of its commitment to embracing Hong Kong and its policies, the Hong Kong government recently proposed a new licensing regime for cryptocurrency exchanges. This will come into effect in June this year and requires market players to meet several prerequisites such as KYC, AML/CTF regulations, and safe custody of assets. By introducing this regime, Hong Kong is taking a major step towards regulating the crypto industry.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.