Cointime

Download App
iOS & Android

CEO of Hong Kong Web3Hub Fund: Preparing to Launch a $100 Million Web3 Ecosystem Fund

Cointime Official

On April 14th, at the sub-venue four of the "MetaEra x BitMart Special Session: Where are the Opportunities of the Metaverse" forum at the 2023 Hong Kong Web3 Festival, Mr. Wong Chun-hong, the CEO of the Hong Kong Web3Hub Fund, announced the launch of a $100 million Web3 ecosystem fund, which will invest in global projects and promote the development of global Web3 standards, based in Hong Kong.

In addition, the previously announced Hong Kong $10 million Web3Hub Ecosystem Accelerator will invest $1 million in the first phase to support entrepreneurs, with applications open from April 14th to May 14th. In the past two months, 350 Web3 companies have registered in Hong Kong, with 100 strategic partners, and it is expected to create over 1,000 job opportunities.

Comments

All Comments

Recommended for you

  • Spot gold breaks through $5,200/ounce

    spot gold breaks through $5200/ounce, up 1.23% intraday.

  • Yi Lihua: I suggest CZ provide a better exit mechanism for crypto VCs; active capital is conducive to industry innovation.

    Liquid Capital (formerly LD Capital) founder Yi Lihua stated that the biggest problem in the crypto industry in recent years is the decline in innovation. This problem stems from two aspects: first, the previous US government tightened crypto policies, which should be resolved with the passing of the crypto infrastructure bill this time. Second, Binance requires projects to implement a 1+3 year lock-up mechanism for crypto VCs. It is believed that Binance's original intention was good, aiming to cultivate long-term investment thinking. The consequence of this mechanism now is that project teams, market makers, and liquidity providers on trading platforms 'run' first, while VCs gradually lose everything during the long unlocking period. VCs already bear the greatest risk in the primary market but also have to bear the latest exit risk, which is obviously contrary to traditional investment markets. The result is the collective disappearance of crypto VCs, making it difficult for quality entrepreneurs to raise funds and reducing industry innovation. A suggestion to Binance founder CZ is to provide crypto VCs with a better exit mechanism to activate VC capital activity, which will be beneficial to industry innovation and also more favorable for trading platforms to list quality assets.

  • The US spot Ethereum ETF saw a net outflow of $51.26 million yesterday.

     according to Trader T monitoring, the US spot Ethereum ETF had a net outflow of $51.26 million yesterday.

  • BTC breaks through $68,000

    market shows BTC breaks through $68,000, currently at $68,005.59, 24-hour increase reaches 0.36%, market volatility is high, please manage risk properly.

  • The Israeli military says it has dropped more than 6,500 munitions in its strikes against Iran.

    Israeli military stated that since the outbreak of the war, the Israeli Air Force has dropped more than 6,500 munitions in strikes against Iran. The Israel Defense Forces said that Air Force fighter jets have carried out a total of 2,500 combat missions and launched 150 separate strike waves. The military said that as the war enters a new phase, it is currently intensifying strikes on Iranian regime targets within Tehran and increasing attacks on weapons production facilities across Iran — including those used to manufacture missiles and launch devices. Military officials stated that the Israel Defense Forces plan to continue operations within Iran in the coming weeks, and if necessary, the operations will last longer.

  • BTC falls below $68,000

     market shows BTC has fallen below 68,000 USD, currently at 67,797.17 USD, a 24-hour decline of 4.35%, with significant market fluctuations, please manage risk accordingly.

  • Iran claims a U.S. oil tanker was attacked near the Kuwaiti border.

    according to CCTV News, a spokesperson for the Central Command of Iran's Armed Forces Hatem al-Anbiya stated that a US oil tanker was attacked in waters near the Kuwait border and is currently burning. The US and Kuwait have not responded to this so far. (Jin10)

  • Mitsubishi UFJ Financial Group, in conjunction with Mizuho Bank and Sumitomo Mitsui Banking Corporation, is jointly advancing a Proof-of-Concept (PoC) for a yen-pegged stablecoin.

    according to the latest disclosure, Japan's Mitsubishi UFJ Financial Group (MUFG), with assets totaling $3 trillion, announced two strategic advancements:

  • ETH falls below $2100

    the market shows ETH fell below $2100, currently at $2099.94, with a 24-hour increase of 4.78%. The market is highly volatile, please manage your risk accordingly.

  • Web3 data and AI company Validation Cloud completes $10 million in new round of financing

     Web3 data and AI company Validation Cloud announced a $10 million financing round from True Global Ventures. The company plans to use the funds to expand its AI products and achieve seamless access to Web3 data.