Bitcoin News- The size of the fund will be increased by Whampoa Digital in the future.
- The company is seeking to tap the growing market for digital assets.
Whampoa Group, Singaporean asset management, is planning to launch both a venture capital fund and a crypto hedge fund dedicated to digital asset investments. The corporation plans to invest $100 million based on preliminary estimates.
The organization wants to raise $50 million for the cryptocurrency hedge fund and has allocated $100 million for the venture fund. With the launch of its new subsidiary Whampoa Digital, the company is seeking to tap the growing market for digital assets by pooling cash from outside investors.
Widespread Adoption of Web3 Offerings
The private venture capital firm is expected to debut within the next quarter. And it will target Web 3.0’s earliest stage start-ups for investment. The size of the fund will be increased by Whampoa Digital. This will be done in the future so that it may make more investments.
Shawn Chan, CEO of Whampoa Group stated:
“We think there is great conviction in this space. The venture capital fund will help us to expand our footprint in this area.”
He continued by saying that Asian technology companies and corporate organizations have provided positive feedback on the planned cryptocurrency venture fund. According to Shan, the demographics and level of internet access in Southeast Asia bode well for the widespread adoption of Web3 offerings.
Amy Lee and Lee Han Shih established Whampoa Group as a multi-family investment enterprise. Both are members of the extended family of Lee Kuan Yew, Singapore’s first and longest-serving Prime Minister (1959–1990).
They had invested in Binance Labs’ $500 million fund. This was to promote widespread use of Web3 and blockchain technology, which was unveiled in June of this year. Roughly 200 businesses are represented in its investment portfolio.
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Source: https://thenewscrypto.com/singapores-whampoa-group-unveils-100m-crypto-venture-fund/