Hong Kong-based global asset manager HashKey Capital has announced the completion of a $500 million funding round for its FinTech Investment Fund III.
The fund will reportedly be used to invest in Web3 infrastructure, applications and tools that will help accelerate the mainstream adoption of cryptocurrencies and blockchain.
Xiao Xiao, Chief Investment Officer of HashKey Capital, believes that Web3 cannot be ignored because the industry is growing too fast and attracting more and more companies from the traditional sector. The interconnectedness of products in Web3 is what keeps investors coming back to the industry and using value-added services, he says.
“The Web3 industry has too much potential and is evolving too fast to be ignored. Many traditional institutions and large Internet platforms are interested in cryptocurrencies, and some of them are actively learning how to work in the new environment,” says Xiao.
Investing in a fund allows contributors to quickly and effortlessly enter the industry, especially since many financial institutions see cryptocurrencies as another asset class to diversify their portfolio. And the crypto winter, Xiao believes, only attracts institutional investors, since the current conditions are conducive to planning for the long term.
Earlier, Venom Foundation and Iceberg Capital venture companies announced the opening of the Venom Ventures Fund (VVF) in the amount of $1 billion to develop the Web3 industry.
Source: Bits
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