By concentrating the Hong Kong-based equity fund on the area market and including startups using Web3 technology, HK will expand our market coverage.
As Hong Kong reopens for cryptocurrency trading, local investors pour in $100 million to fund the digital industry. In addition, the new ProDigital Future fund will be an early stage Web3 company targeting the regional market.
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 of capital by the end of 2023.
Ben Ng, a partner at Hong Kong-based equity firm SAIF Partners, and Kurt Shi, an experienced technology investor from China, lead 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 smooth despite skepticism regarding investing in crypto companies. Reports suggest 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 invested money in projects using digital assets in collaboration with metaverse organization GigaSpace and One Future Football.
In the fall of 2022, the Hong Kong government floated the idea of introducing a new bill to regulate cryptocurrencies. In February, the Hong Kong Securities and Exchange Commission proposed new licensing rules for cryptocurrency exchanges, which will take effect in June.
XRP trading accounted for 37%
The South Korean cryptocurrency trading trend has returned with the rise of XRP tokens.
XRP trading results hit the $1 billion 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% on UpBit, and 50% on Korbit. These figures were against the US dollar on UpBit and the Korean won on Bithumb and Korbit.
!function (f, b, e, v, n, t, s) {
if (f.fbq) return;
n = f.fbq = function () {
n.callMethod ?
n.callMethod.apply(n, arguments) : n.queue.push(arguments)
};
if (!f._fbq) f._fbq = n;
n.push = n;
n.loaded = !0;
n.version = ‘2.0’;
n.queue = ();
t = b.createElement(e);
t.async = !0;
t.src = v;
s = b.getElementsByTagName(e)(0);
s.parentNode.insertBefore(t, s)
}(window, document, ‘script’,
‘https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘504526293689977’);
fbq(‘track’, ‘PageView’);
