Hong Kong’s Newest Fund Focuses on Fintech Development with $100M

• A Hong Kong fund will increase $100M this 12 months for startup investments.
• A fund centered on Web3 ventures has already raised $30 million.
• Hong Kong`s help for crypto contrasts with the extreme regulatory scrutiny within the sector.

Based on a latest Bloomberg report, Hong Kong continues to solidify its place as a number one fintech hub, with a brand new digital asset fund set to boost $100 million value RM442.4 million this 12 months for startup investments. The Hong Kong-based fund goals to help the expansion of inventive digital property, in keeping with town’s push for extra vital monetary innovation and expertise.

Notably, a fund centered on Web3 ventures has raised $30 million, with plans to put money into promising startups that leverage blockchain, cryptocurrency, and different digital property. The fund’s give attention to Web3 applied sciences aligns with Hong Kong’s ambition to ascertain itself as a fintech chief, as town sees digital property as a vital driver for financial revival.

Individuals aware of the matter state that with this new fund, Hong Kong is properly positioned to draw top-tier expertise and capital to speed up the expansion of its vibrant fintech ecosystem.

Based on consultants, town’s help for cryptocurrency exchanges starkly contrasts the extreme regulatory scrutiny that has been utilized within the cryptocurrency sector. This scrutiny allegedly occurred within the aftermath of the surprising collapse of FTX final 12 months. It moreover occurs at a time when regulatory uncertainty continues to be ignited within the vs. SEC lawsuit.

An extended-time tech investor Curt Shi advised Bloomberg Information:

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

The fund has reportedly made investments in a complete of six completely different digital asset initiatives at current, together with the metaverse agency GigaSpace, which is headquartered in Hong Kong, and One Future Soccer, which is predicated in Australia.

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