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 as the industry is too active and attracts 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 investors to quickly and effortlessly enter the industry, especially since many financial institutions see cryptocurrencies as another asset class to diversify their portfolio.. And crypto winter, Xiao believes, only attracts institutional investors, since the current conditions are conducive to long-term planning.
Earlier, Venom Foundation and Iceberg Capital announced the launch of the Venom Ventures Fund (VVF) worth $1 billion to develop the Web3 industry.