- Whampoa Group, the asset manager of Singapore, is planning to establish a capital fund and crypto hedge fund for doing investments in virtual assets.
- From initial calculations, the firm plans to issue $100 million.
Whampoa Group has allocated $100 million for the venture fund, and at the same time, it is all set to lift $50 million for the crypto hedge fund. It has established a body named Whampoa Digital, which has a target to influence third-party capital to put their money into the virtual assets markets.
As per the media reports, a $100 million private asset fund along with a $50 million public market hedge fund is included in the investment plan of the Group. Later on, the Group will increase the fund to boost investments.
“We believe that there is very high certainty in this field. The venture capital fund will assist in growing us in this field,” Shawn Chan, the chief executive officer of Whampoa Group, told the media.
Furthermore, the CEO explained that the expected crypto venture fund had gained inspiring feedback from Asian tech companies and businesses. High internet speed and poll guarantee widespread support and adoption of Web3 products and services in Southeast Asia.
The Whampoa Group
The Whampoa Group is a privately held investment group whose co-founders are Amy Lee and Lee Han Shih. The co-founders come from the Lee Kuan Yew family, who was the first Prime Minister of Singapore and served the state from 1959 to 1990.
The Group was a member of a $500 million fund publicized by Binance Labs in June 2022. The fund was intended to operate the adoption of Web3 and blockchain tech.
A senior partner of the Group, Aureole Foong, stated that Apart from its use in the payments and entertainment field, Web 3 start-ups in Defi have deep-rooted growth possibilities.
Brevan Howard, a European hedge fund management company, publicized a $1-billion crypto hedge fund. In the latest with the US SEC, the firm gave information about the $210 million it gained from two sub-bodies.
A PricewaterhouseCooper (PwC) study explained that traditional hedge funds look to be fearless by the downfall of the industry as they carry on investing in products and assets. The 4th Annual Global Crypto Fund report disclosed that 38% of traditional hedge funds were investing in virtual assets so far, a 17 % hike from the last year.
Also, two-thirds of crypto investors who participated in the survey were thinking of growing their investments by the end of this year.
Source: https://www.thecoinrepublic.com/2022/09/10/whampoa-group-announced-a-100-m-fund-for-crypto-investment/