Hong Kong-based equity fund for crypto investment
The equity fund based in Hong Kong will be concentrated on the area’s market, with startups that use Web3 technology also included.
As Hong Kong reopens to crypto trading, local investors invest $100 million to fund the digital industry. The new fund ProDigital Future will be a regional market-oriented early-stage Web3 company.
ProDigital Future closed its half-year funding period with a balance of approximately $30 million. However, it is not limited to this and plans to raise 100 million dollars of capital by the end of 2023.
Ben Ng, a partner at the Hong Kong-headquartered equity firm SAIF Partners, and Kurt Shi, a seasoned tech investor from China, are heading the fund. Sunwah Kingsway Capital Holdings and Golin International Group have already offered to contribute to the fund.
According to Shi, the fundraising process has been relatively straightforward despite scepticism regarding investing in crypto ventures. Reports suggest that ProDigital Future involves Hong Kong investors and offices from China, Australia, and Singapore.
The foundation covers Hong Kong and its politics but also plans to be in Australia, Singapore, Europe, and the United States.
ProDigital Future has put money into projects utilising digital assets in collaboration with both the metaverse organisation GigaSpace and One Future Football.
In the fall of 2022, the Hong Kong government floated the idea of introducing a new bill to regulate cryptocurrency. In February, the Hong Kong Securities Commission proposed new licensing rules for cryptocurrency exchanges, which will take effect in June.
XRP trading made up 37%
South Korea’s crypto trading trend has returned with the rise of XRP tokens.
XRP trading results reached the billion-dollar mark on UpBit, Bithumb and Korbit, the three largest exchanges in Korea, amid a 25% advance for the token in the past week.
In the last 24 hours, XRP trading accounted for 38% of all volume on Bithumb, 19% UpBit, and 50% Korbit. These figures were against the US dollar on UpBit, and the Korean won on Bithumb and Korbit.
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