- Whampoa Group will invest $100 million for digital assets.
- Venture capital investors are funding blockchain-based applications and web3 platforms.
- Whampoa group was a part of a $500 million fund that was announced by Binance in June.
Whampoa Group is aiming to utilize over $100 million via a venture capital fund in start-ups in the expanding digital assets segment.
The group’s digital assets investment branch, Whampoa Digital, will not just invest but nurture early-stage startups in web3.
Shawn Chan, CEO of Whampoa Group, said:
We think there is great conviction in this space. The venture capital fund will help us to expand our footprint in this area.
He further shared that the fund is expected to launch next year and has already got great interest from Asian business groups as well as Chinese tech firms.
The fund will use $100 million followed by scaling up. It will invest in equity besides tokens of products/services that allow and ease the wide usage of web3.
In the past decade, Whampoa Group has established an investment portfolio of over 200 companies, which includes ByteDance, a Chinese tech company and also a fund set up by Binance.
Senior partner at Whampoa Group, Aureole Foong, said that despite cryptocurrencies having a dried year, web 3 start-ups like the ones engaged in decentralized finance applications had generated potential for long-term growth.
Amy Lee has co-founded Whampoa Group. Another co-founder of the group is Lee Han Shih.
Chan shared that reasons behind the mass adoption of web3 products as well as services are the demographics and their extensive internet penetration of Southeast Asia.