• ProDigital Future, a Hong Kong-based equity fund, plans to raise $100 million for crypto investment by the end of 2023.
• The fund is led by Ben Ng and Curt Shi and has already attracted investors from Hong Kong, China, Australia, and Singapore.
• In October 2022, the government of Hong Kong proposed introducing its own bill to regulate crypto and in February 2021 released a licensing regime for cryptocurrency exchanges.
Hong Kong Fund Plans $100 Million Crypto Investment
ProDigital Future, a new Hong Kong-based equity fund focused on the regional market, is planning to raise $100 million for crypto investment by the end of 2023. Led by Ben Ng and Curt Shi, the fund has already finished its half-year fundraising period with about $30 million from investors from across Hong Kong, China, Australia, and Singapore.
Government Proposal For Crypto Regulation
In October 2020 the government of Hong Kong floated the idea of introducing its own bill to regulate crypto. On Feb. 20 this year they released their official proposal for a licensing regime which is set to take effect in June 2021. This licensing procedure will require potential market players to meet several prerequisites such as safe asset custody and Know Your Customer Anti-Money Laundering regulations.
Web3 Startup Investments
The fund has already invested in six digital asset projects with metaverse company GigaSpace and One Future Football—a digital football league from Australia currently operating in stealth mode. ProDigital Future intends to embrace Web3 startups while being present in other locations like Europe and the United States as well as their home country of Hong Kong.
Despite eagerness toward investing into cryptocurrencies among local investors in Hong Kong there still remains caution when it comes time to putting their money into these projects. Investor Ben Ng commented that although fundraising so far had been “relatively smooth” there was still an extended process before reaching their goal of raising $100 million at year’s end.
As shown through ProDigital Future’s successes so far it appears that many investors are ready to embrace crypto investments even if cautiously so; especially due to recent regulation proposals made by the government of Hong Kong that make investing more secure for both parties involved—investors and Web3 startups alike!