cryptocurrency

Singapore’s Whampoa Group unveils $100 million Crypto Venture Fund

  • The fund size will be increased by Whampoa Digital in the future.
  • The company seeks to capitalize on the growing market for digital assets.

Whampoa groupAsset Management, Singapore, plans to launch both a venture capital fund and a crypto hedge fund dedicated to digital asset investments. The company plans to invest $100 million based on initial estimates.

The organization wants to raise $50 million for a crypto hedge fund and has earmarked $100 million for the investment fund. With the launch of its new subsidiary, Whampoa Digital, the company seeks to tap into the growing market for digital assets by pooling funds from outside investors.

Extensive adoption of Web3 offerings

The private venture capital firm is expected to be launched in the next quarter. It will target startups in the first phase of Web 3.0 for investment. Fund size will be increased by Whampoa Digital. This will be done in the future so you can make more investments.

Shun ChanThe CEO of the Wampoa Group said:

“We believe there is a great deal of conviction in this area. The venture capital fund will help us expand our presence in this area.”

He went on to say that Asian tech companies and corporate foundations have given positive feedback on the planned crypto venture fund. According to Chan, 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 founded the Whampoa Group as a multi-family investment project. Both are members of the family of Lee Kuan Yew, Singapore’s first and longest-serving Prime Minister (1959-1990).

They have invested in the Binance Labs fund of $500 million. This was to promote the widespread use of Web3 and blockchain technology, which was revealed in June of this year. Nearly 200 companies are represented in its investment portfolio.

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