Crypto funding: Hashkey Capital raises a whopping US$500 million for new Web3 fund
Last year was one of records for the crypto industry – often in a not-at-all-good way (hacks, implosions etc). Like Sam Bankman-Fried, you are probs all too aware of much of the story.
According to US crypto media outlet Cointelegraph’s data, though, it was “a watershed year” for VC crypto funding, “easily outpacing all other years in terms of total capital raised and deals completed”.
Weirdly, though, major New York-based rival to Cointelegraph, CoinDesk (owned by the influential but potentially embattled Digital Currency Group) paints a very different picture of last year’s blockchain-related VC funding.
There’s no doubt that crypto funding slowed dramatically in the second half of 2022, though, amid a seemingly never-ending glut of Terra Luna and FTX-related crypto-contagion stories.
But discrepancies and opposing takes on funding aside, one thing’s certain – Hashkey Capital has got 2023 off to a positive start with its latest announcement.
HashKey Raises $500m Crypto Fund: Bloomberg.
Big money is bullish on crypto 🧐
— Crypto Crib (@Crypto_Crib_) January 17, 2023
HashKey Capital, the investment arm of Hong Kong-based financial-services firm HashKey Group, has raised another US$500 million for investments in the Web3 ecosystem.
It’s the VC’s third crypto/blockchain-related fund and this one is focusing on crypto and blockchain initiatives around the world, with a particular emphasis on emerging markets.
According to a press release sent out today, the HashKey FinTech Investment Fund III was backed by institutional investors, including sovereign-wealth funds, businesses and family offices.
The fund aims to invest in infrastructures, tools and applications that have potential for mass adoption.
“HashKey Capital has weathered at least three cycles in the industry,” HashKey Capital CEO Deng Chao said in the press release. “These unique experiences and insights will be invaluable to us in navigating through turbulence.”
Hashkey is a pretty big player in the blockchain VC scene and since 2018 has managed more than US$1 billion in assets.
Some of its more notable investments to date include Cosmos, Coinlist, Aztec, Blockdaemon, dYdX, imToken, Animoca Brands, Mask Network, FalconX, Polkadot, Moonbeam, Space and Time, and Galxe.