The new Hong Kong-based equity fund will support Web3 startups and concentrate on the local market.
Local investors are forming a $100 million fund to finance the digital business as Hong Kong is once again opening up to the crypto market. ProDigital Future, a new fund, will target early-stage Web3 businesses focused on the local market.
In accordance with a March 30 Bloomberg article, ProDigital Future ended its half-year fundraising campaign with around $30 million in its bank account.
But by the end of 2023, it hopes to raise $100 million. Ben Ng, a partner at the Hong Kong-based equity company SAIF Partners, and Curt Shi, a seasoned Chinese IT investor, are in charge of running the fund. Sunwah Kingsway Capital Holdings and Golin International Group have joined forces to sponsor the fund as of right now.
According to Shi, the fundraising process has been “pretty smooth” so far, despite the fact that investors are hesitant to participate in cryptocurrency initiatives.
Investors from the region and a few family offices from Singapore, Australia, and China reportedly also took part in ProDigital Future. The fund plans to be present in Australia, Singapore, “as well as in Europe and the United States,” but it will “embrace Hong Kong and its regulations.”
With the Australian digital football league One Future Football and the metaverse business GigaSpace, which is now operating in stealth mode, ProDigital Future has already invested in six digital asset initiatives.
The Hong Kong government first suggested developing its own measure to control cryptocurrencies in October 2022. The Securities and Futures Commission of Hong Kong published a proposal on February 20 for a licensing system for cryptocurrency exchanges that would go into effect in June.
In order to participate in the market, potential companies must adhere to a number of requirements, including as safe custody of assets, Know Your Customer, anti-money laundering, and combating the financing of terrorism rules.
