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Bitcoin

Quick take: 
<ul> 
 <li>HashKey Capital has launched a new fund focused on altcoins.</li> 
 <li>The Hong Kong-based venture firm and crypto exchange company said it will target altcoins that are likely to outperform Bitcoin.</li> 
 <li>The company is reportedly raising $100 million.</li> 
</ul> 
HashKey Capital is doubling down on its digital asset investments with a new fund focused on second-tier cryptocurrencies ‘altcoins’. The company is reportedly raising $100 million over a 12-month period for the new fund, which is scheduled for launch on September 1, 2023, according to Reuters. 
According to the announcement, the new fund will target altcoins that have the potential to outperform the market leader Bitcoin. 
The fund has already secured potential clients mainly high-net-worth individuals and investment firms serving rich Asian families, its portfolio manager Jupiter Zheng<a href="https://www.reuters.com/markets/currencies/altcoins-central-hong-kong-crypto-firm-hashkeys-first-liquid-fund-2023-08-31/" target="_blank" rel="noopener noreferrer nofollow"> told Reuters</a>. 
According to Zhang, less than 50% of the fund will be dedicated to investing in the world’s two most popular cryptocurrencies Bitcoin and Ethereum, with the asset manager leveraging its crypto venture investment experience to diversify allocations to altcoins. 
The venture capital firm, which manages over $1 billion in assets added that part of the fund’s holding will also be in cash. 
This announcement comes on the heels of the Hong Kong government’s declaration of commitment to embracing crypto amid rising demand for alternative investments. The Asian financial hub has been at the forefront of promoting Web3 adoption in the Asia Pacific region.&nbsp; 
Recently, the country introduced a license for companies looking to offer crypto exchange services, which will be offered by the Securities and Futures Commission. 
In July, Hong Kong established a task force to lead the campaign for the development of Web3 in the country.&nbsp; 
HashKey Capital has also been one of the few venture capital firms that have continued to bet in Web3 despite the bear market. In January, the company <a href="https://www.nftgators.com/web3-funding-is-down-hashkey-just-closed-its-third-fund-with-500m-in-commitments/" rel="noopener noreferrer nofollow">secured $500 million</a> in commitments for its HashKey FinTech Fund III. 
It has since invested in <a href="https://www.nftgators.com/dispersion-capital-doubles-down-on-web3-with-40m-fund-for-decentralised-infrastructure/" rel="noopener noreferrer nofollow">Dispersion Capital’s $40 million</a> fundraising to back decentralised infrastructure projects and NFT marketplace <a href="https://www.nftgators.com/nft-marketplace-tabi-secures-10m-to-develop-gaming-ecosystem-on-bnb-chain/" rel="noopener noreferrer nofollow">Tabi’s $10 million raise</a> for a <a href="https://www.nftgators.com/what-is-a-blockchain-game/" rel="noopener noreferrer nofollow">gaming</a> ecosystem on BNB Chain. 
On August 3, 2023, HashKey Capital <a href="https://www.scmp.com/tech/article/3229913/hashkey-and-osl-receive-hong-kongs-first-approvals-operate-crypto-exchanges-retail-investors" target="_blank" rel="noopener noreferrer nofollow">received approval</a> from the Securities and Futures Commission of Hong Kong to operate a virtual asset trading platform, enabling it to offer crypto trading to both institutional and retail investors. 
**** 
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The post <a rel="noopener noreferrer nofollow" href="https://www.nftgators.com/hashkey-launches-new-crypto-fund-to-invest-in-promising-altcoins">HashKey Launches New Crypto Fund to Invest in ‘Promising Altcoins’</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://www.nftgators.com">NFTgators </a>.

HashKey Launches New Crypto Fund to Invest in ‘Promising Altcoins’

NFTgators

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