Singapore-Based Whampoa Group To Invest $100M In Crypto
- Whampoa Group aims to distribute around $100 million via a venture capital fund to crypto and Web3 startups.
- The investment entity’s top executives confirmed that Whampoa Digital, the group’s digital assets investment arm, will help the entity in expanding its presence in the crypto space by investing in and incubating early stage startups in Web3.
Whampoa Group, a family office and significant investment entity operating out of Singapore, has confirmed via a report that it plans to invest in digital assets. The firm already has investments in several global tech firms, and aims to distribute around $100 million via a venture capital fund to crypto and Web3 startups.
As per the report, the investment entity’s top executives confirmed that Whampoa Digital, the group’s digital assets investment arm, will help the entity in expanding its presence in the crypto space by investing in and incubating early stage startups in Web3 which they describe as a utopian version of the current internet where everything is decentralized and users are in control instead of shareholders, other websites, or online services.
“We think there is great conviction in this space. The venture capital fund will help us to expand our footprint in this area,”Shawn Chan, CEO of Whampoa Group, told the reporters in an interview.
Chinese tech firms and Asian business groups have shown strong interest and support for the venture capital fund and they aim to expose their businesses and portfolio to digital assets as well, as per the top executives at the entity.
The initial plan is to distribute $100 million to different crypto and Web3 startups and eventually pour more money in the same in the near future. Whampoa will help crypto firms and service providers to enable and facilitate the mass adoption of Web3 via their offerings as well.
Moreover, the fund is scheduled for launch in the next of 2022 and with its debut, the investment entity, which already has a portfolio of about 200 companies made over the past 10 years including Chinese firm ByteDance and a fund set up by the biggest crypto exchange in the world Binance.
A senior partner at Whampoa Group, Aureole Foong, noted that this has been a rough year for cryptocurrencies and Web3. The prices are down significantly for almost every cryptocurrency as compared to the start of the year and the adoption rate is down as well. Although, Foong stated that the blockchain technology and digital assets along with their applications in decentralized finance (DeFi) have huge long-term growth potential.
He also noted that Web3 firms have found their use cases in remmitance transfers followed by entertainment industry, including games, which makes things more interesting for the Whampoa Group.