Miguel Cordon · · 1 min readDigital assets firm eyes $600m raise to form Asia’s largest crypto fund
HashKey, the digital asset financial services arm of Chinese conglomerate Wanxiang Group, is looking to raise a total of US$600 million to form the largest crypto investment pool in Asia to date, Bloomberg reported.
The company, which is led by early Ether investor Deng Chao, has already raised US$360 million for its third fund from venture firms, family offices, and corporations, a spokesperson for the company said. Names of the investors were not disclosed.
HashKey’s plans to raise additional funding comes as major cryptocurrencies such as Bitcoin and Ethereum have seen steep drops in prices over the last month. In an interview with Bloomberg, Deng said that the current bearish market actually presents “a good time to go treasure-hunting.”
HashKey has already invested in a number of crypto projects from its first two funds, including crypto wallet firm ImToken, cross-blockchain platform Polkadot, and blockchain gaming group Yield Guild Games. A spokesperson told Bloomberg that its previous investments have yielded an estimated 11x return.
See also: Behind the crypto project backed by Temasek, JP Morgan, DBS
Editing by Collin Furtado and Lorenzo Kyle Subido
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