The company is backed by China’s state-owned National Engineering Laboratory, which has also taken a keen interest in Web3 initiatives.
During the Guangdong-Hong Kong-Macao Greater Bay Area Digital Economy Development Conference on Dec. 26, Chinese venture capital (VC) firm GBA Capital announced a $10-billion pledge to establish a Web3 fund.
According to local news reports, the GBA Capital Web3 Fund will invest in startups focusing on virtual reality, the metaverse and nonfungible tokens and transform the Guangdong-Hong Kong-Macao economic area into the world’s “meta-asset capital.” Haolong Li, chairman of GBA Capital, said that this year’s conference would also “hold meta-asset global tours in Japan, Singapore, Dubai, Silicon Valley, Europe, and other places” to improve the visibility of meta-assets.
GBA Capital was established by China Europe International Financial Group in Hong Kong. The firm holds strategic partnerships with financial institutions such as the Asia Pacific Investment Bank and China’s state-owned National Engineering Laboratory.
Read more
Source: https://cointelegraph.com/news/chinese-web3-vc-launch-10-billion-accelerator-fund-report