China's Crypto Rebirth: How Opening Up To Cryptocurrencies Boosts The Economy

March 31, 2023

As Hong Kong welcomes back the cryptocurrency market, local investors have initiated a $100 million fund called ProDigital Future, aimed at investing in the digital asset industry and Web3. The fund is currently targeting early-stage Web3 market projects and has amassed $30 million after a six-month fundraising period. The ultimate goal is to raise the total capital to $100 million by the end of 2023.

ProDigital Future is managed by Ben Ng, a partner at Hong Kong-based SAIF Partners, and Curt Shi, a seasoned investor in the emerging technology market. Shi shared with reporters that the fundraising process proceeded "relatively smoothly." However, he acknowledged that investors remain cautious when it comes to investing in cryptocurrency projects.

The fund's ambitions are not restricted by geography, as it plans to establish a presence in Australia, Singapore, Europe, and the United States. To date, ProDigital Future has already invested in six digital asset-related ventures.

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