Hong Kong fund aims to raise $100 million for Web3 investments

Investors in Hong Kong have created the ProDigital Future fund with a $100 million target to finance the digital assets industry. As reported by Bloomberg.

According to the publication, the organisation closed the six-month fundraising period at $30 million.

The fund is led by Ben Ng, a partner at SAIF Partners, a Hong Kong-based venture-capital firm, and Chinese investor Kurt Shi. said that the funding process is “relatively smooth”, though investors remain cautious about crypto projects.

ProDigital Future is focused on China, but also intends to have a presence in Australia, Singapore, Europe and the United States.

The fund has currently invested in six Web3-projects, including the metaverse GigaSpace and the Australian digital sports club One Future Football.

In recent times, Hong Kong has been actively pursuing developments in digital assets. The jurisdiction’s Financial Secretary Paul Chan said that authorities would allocate $6.4 million to accelerate the development of the Web3 ecosystem.

Arthur Hayes, the former CEO of the Bitcoin exchange BitMEX, suggested that China is trying to return to the crypto industry through Hong Kong.

In February 2023, the local Securities and Futures Commission launched public consultations on new rules for trading platforms that offer clients digital assets.

Several crypto firms, including Huobi and OKX, have already filed applications for a Hong Kong trading licence.

As reported in March, several large Chinese banks opened accounts or sent requests offering cooperation to crypto firms based in the jurisdiction.