• A Hong Kong fund will elevate $100 million this yr for seed investments.
• A fund centered on Web3 ventures has already raised $30 million.
• Hong Kong’s assist for crypto stands in distinction to intense regulatory scrutiny of the sector.

In line with a latest Bloomberg report, Hong Kong continues to cement its place as a fintech hub, with a brand new digital asset fund set to lift $100m price RM442.4m this yr for start-up investments. The Hong Kong-based fund goals to assist the expansion of inventive digital property, according to town’s push for larger monetary and technological innovation.

Notably, an enterprise-focused fund Web3 has raised $30 million, with plans to put money into promising startups that mine blockchain, cryptocurrency, and different digital property. The fund’s deal with Web3 applied sciences aligns with Hong Kong’s ambition to ascertain itself as a fintech chief, as town sees digital property as a key driver of financial restoration.

Individuals conversant in the matter say that with this new fund, Hong Kong is effectively positioned to draw prime expertise and capital to speed up the expansion of its vibrant fintech ecosystem.

In line with consultants, town’s assist for cryptocurrency exchanges stands in stark distinction to the extraordinary regulatory scrutiny that has been utilized within the cryptocurrency sector. This assessment is claimed to have come within the wake of the surprising collapse of FTX final yr. It additionally comes at a time when regulatory uncertainty remains to be on within the lawsuit towards the SEC.

Longtime tech investor Curt Shi instructed Bloomberg Information:

I perceive the considerations, however nothing is ideal given the complexity of the crypto economic system. Our plan is to maintain doing what we’re doing and see the place it takes us.

The fund is claimed to have at present invested in a complete of six completely different digital asset initiatives, together with Hong Kong-headquartered metaverse firm GigaSpace and Australia-based One Future Soccer.

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