Hong Kong Crypto Revival: $100M Fund Stirs Controversy

$100M ProDigital Fund
Targets early-stage Web3
Global investment reach

Hong Kong investors are making a bold statement in the world of cryptocurrency as they launch a controversial $100 million fund named ProDigital Future. This fund, targeting early-stage Web3 companies in the region, marks Hong Kong’s re-emergence as a key player in the digital industry.

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A Bloomberg report dated March 30 revealed that ProDigital Future has successfully amassed around $30 million in funds during its half-year fundraising period. However, the ambitious investors have set their sights on raising a staggering $100 million by the end of 2023.

The fund is spearheaded by Ben Ng, a partner at Hong Kong-based equity firm SAIF Partners, and Curt Shi, a seasoned tech investor from China. Notably, prominent firms like Sunwah Kingsway Capital Holdings and Golin International Group have thrown their support behind ProDigital Future.

Shi reported that the fundraising process has unfolded smoothly so far, despite investor caution surrounding crypto projects. Investors from Hong Kong and family offices from China, Australia, and Singapore have also backed the fund.

ProDigital Future has a global vision, embracing Hong Kong’s policies while intending to establish a presence in Australia, Singapore, Europe, and the United States. The fund has already made its mark by investing in six digital-asset projects, including metaverse company GigaSpace and One Future Football.

In other news, more than 2,600 IT leaders, researchers, and industry professionals have signed an open letter urging a temporary halt to the development of artificial intelligence (AI), citing grave worries about the potential dangers to society and mankind.

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José Gustavo

José is a crypto enthusiast who trades crypto night and day. He loves to share his trading stories and experiences in all his published articles. José likes to hang out and travel to meet new friends. Enjoys sushi, vodka, and tequila.