Hong Kong billionaire to raise $200 million crypto fund

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VS Ventures, a venture capital firm set up by Hong Kong real estate mogul and billionaire Adrian Cheng, is reportedly looking to raise $200 million to invest in the cryptocurrency market. In addition to the cryptocurrency fund, C Ventures intends to raise approximately $300 million over the next 18 months to invest in private equity and private debt strategies, according to the report.

This is not surprising as Cheng has been candid about his support for blockchain.com technology and cryptocurrencies. In an interview with Bloomberg last year, he said he believed cryptocurrencies would eventually replace fiat currencies.

Cheng apparently favors the NFT and metaverse subsectors. Adrian recently purchased 101 NFTs from the Azuki Collection. “We will create a unique space in the world of Web3 and bring to life our culture of creativity and community experiences,” he tweeted last month.

C companies offer guidance to private companies in difficulty

The firm is betting on depressed private companies and digital asset prices. “When people are defensive, we attack,” C Ventures co-founder and CEO Ben Cheng told Bloomberg in an interview. He explained that such a scenario usually leads to the best result, adding that he expects a rebound after another 6-9 months.

Regarding the cryptocurrency fund, C Ventures would invest in a wide range of digital assets, including Bitcoin (BTC), Ethereum (ETH) and non-fungible tokens (NFT). The company will also seek to invest in companies involved in the development of blockchain infrastructure and applications.

C Ventures is not the only institutional player looking to raise funds to invest in cryptocurrencies. Last month, hedge fund manager Alan Howard reportedly raised $600 million to launch a new cryptocurrency fund. Galaxy Digital, a digital asset management company founded by billionaire Mike Novogratz

Michael Novogratz is a businessman and investor specializing in bitcoin blockchain technology. He is the CEO of Galaxy Investment Partners and the cryptocurrency investment company. Originally booked to launch his Galaxy Digital Assets Fund on December 15, 2017, he withdrew his plans as he did not like market conditions. He said 20% of his net worth is in bitcoin and Ethereum. It earned $250 million from cryptocurrency from 2016 to 2017. Galaxy digital holding Ltd. is among the few cryptocurrency companies required to report financial results. In the first nine months of 2018, the organization lost $136 million trading digital currencies. In 2017, he provided $80 million in funding to tech company Bitfury. In September 2017, he was listed at number 317 on the Forbes 400 with a net worth of $1.5 billion. He was ranked 962 on the March 2008 Forbes list of global billionaires with a net worth of $102 billion. The same year, he became a member of Kappa Beta Phi, a Wall Street secret society made up of wealthy financial executives. He will likely remain busy spreading awareness about crypto and blockchain as well as working with global controllers to drive the reception of crypto among the mainstream. He said his New Year’s goal for 2022 was to “clarify for the ever-changing congressional administration that crypto is moderate.” InvestorChief executive officerCrew member Followers: 0 See profile also plans to launch a crypto fund that could raise up to $500 million.

With more and more institutional investors entering the cryptocurrency space, it is becoming increasingly clear that widespread adoption of digital assets is only a matter of time.

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