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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&apos;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">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.&#x201C;I believe that Hong Kong will continue to have a certain degree of openness and flexibility,&#x201D; Shi said. &#x201C;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.&#x201D;<h2 id="hong-kongs-web3-embrace">Hong Kong&apos;s web3 embrace</h2>Hong Kong&apos;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/">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 &quot;relatively smooth.&quot; 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/">Auros Completes US$17M Fundraising Round</a>Global crypto firms have their sites on Hong Kong too. Earlier this week, OKX, the world&apos;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/">OKX Seeks to Become Key Player in Hong Kong&apos;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">OKX </a>to fulfil anticipated regulatory requirements from organizational, product, security, and compliance standpoints.<hr>The world of Web3 can be quite a whirlwind. Whether it&#x2019;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">BlockBeat</a> for a wrap-up of the week&#x2019;s digital assets news</li><li><a href="https://blockhead.co/tag/blockhead-brief?ref=blockhead" rel="noopener noreferrer">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">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">here</a> to subscribe for FREE.

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

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