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<img src="https://www.blockhead.co/content/images/2023/03/Wolf-Wall-Street-Throw-money.jpg" alt="Hong Kong Fund Plans to Throw $100M at Crypto Firms">Hong Kong investment fund ProDigital Future has revealed plans to invest up to $100 million in web3 startups and crypto firms.The move comes as Hong Kong seeks to become a regional crypto hub in competition with Singapore.At least $30 million has been secured from investors so far. The fund is led by Ben Ng, a venture partner at Asian private equity firm SAIF Partners, and tech investor Curt Shi.Sunwah Kingsway Capital Holdings and Golin International Group are among those who joined the fund's first close after a half-year fundraising period.According to <a href="https://www.bnnbloomberg.ca/hong-kong-fund-aims-to-bet-100-million-on-city-s-crypto-push-1.1902363?ref=blockhead.co" rel="noopener noreferrer nofollow">Bloomberg</a>, ProDigital Future plans to target early-stage and developing ventures. The fund is particularly seeking China-related companies transitioning to web3.Six projects including Hong Kong-based metaverse company GigaSpace have received investment from the fund so far.“I believe that Hong Kong will continue to have a certain degree of openness and flexibility,” Shi said. “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.”<h2 id="hong-kongs-web3-embrace">Hong Kong's web3 embrace</h2>Hong Kong's regulatory developments have been seen by the industry as a welcoming hand, with both institutional and retail-facing crypto companies eager to set up shop in the city state.Last month, the Hong Kong Securities and Futures Commission (SFC) laid out a safe path for retail investors to access crypto. Retail customers are required to pass a knowledge assessment or else only be offered access after training is provided.Read more: <a href="https://www.blockhead.co/2023/02/21/hong-kong-proposes-plan-for-retail-access-to-crypto/" rel="noopener noreferrer nofollow">Hong Kong Proposes Plan for Retail Access to Crypto</a>Shi said that whilst investors are still cautious about new crypto projects, fundraising has been "relatively smooth." He added that many Hong Kong families are interested in digital assets and participated in the fundraising.Just last week, crypto trading and market making firm Auros raised $17 million in a funding round, led by Vivienne Court.Read more: <a href="https://www.blockhead.co/2023/03/22/auros-completes-us-17m-fundraising-round/" rel="noopener noreferrer nofollow">Auros Completes US$17M Fundraising Round</a>Global crypto firms have their sites on Hong Kong too. Earlier this week, OKX, the world's second-largest crypto exchange by trading volume, has announced that it will be applying for a virtual asset service provider (VASP) license under the new regulatory regime in Hong Kong.Read more: <a href="https://www.blockhead.co/2023/03/29/okx-to-launch-hong-kong-entity-apply-for-virtual-asset-licenses/" rel="noopener noreferrer nofollow">OKX Seeks to Become Key Player in Hong Kong's Virtual Asset Industry with Licensing Applications</a>The move comes after over a year of preparation and organizational design by <a href="https://www.blockhead.co/2023/03/29/okx-to-launch-hong-kong-entity-apply-for-virtual-asset-licenses/blockhead.co/tag/okx" rel="noopener noreferrer nofollow">OKX </a>to fulfil anticipated regulatory requirements from organizational, product, security, and compliance standpoints.The world of Web3 can be quite a whirlwind. Whether it’s crypto news in Singapore, South East Asia or even across the globe, we understand how busy the industry is keeping you, so we kindly send out three newsletters each week:<ul><li><a href="https://blockhead.co/tag/blockbeat?ref=blockhead" rel="noopener noreferrer nofollow">BlockBeat</a> for a wrap-up of the week’s digital assets news</li><li><a href="https://blockhead.co/tag/blockhead-brief?ref=blockhead" rel="noopener noreferrer nofollow">Blockhead Brief</a> for weekend happenings as well as what to look forward to in the week ahead</li><li><a href="https://www.blockhead.co/tag/business-bulletin/" rel="noopener noreferrer nofollow">Business Bulletin</a> for macroeconomic updates and industry developments.</li></ul>To avoid FOMO and access member-only features, click <a href="https://www.blockhead.co/#/portal/" rel="noopener noreferrer nofollow">here</a> to subscribe for FREE.

Hong Kong Fund Plans to Throw $100M at Crypto Firms

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