By
Steve Muchoki
April 23rd, 2024
The HashKey Group has been very vocal in the crypto industry, where it even came up with the name ‘Shanghai Upgrade’ for the Ethereum network.
HashKey Capital, the investment arm of the HashKey Group – a global asset manager investing exclusively in blockchain technology and digital assets with over $1 billion in AUM – has announced the closing of its third fund, HashKey FinTech Investment Fund III dubbed Fund III with a total of $500 million raised.
HashKey Capital’s Fund III
According to the announcement, Fund III received tremendous backing from institutional investors like sovereign wealth funds, corporations, and family offices. HashKey Capital intends to channel the funds towards Web3 projects to further widen its crypto exposure.
However, the fund intends to focus more on emerging markets with clear crypto and blockchain regulations. Moreover, some countries, including Nepal, have become hostile to blockchain and crypto companies following the FTX and Alameda’s implosion.
“HashKey Capital has weathered at least three cycles in the industry. These unique experiences and insights will be invaluable to us in navigating through turbulence. We are one of the few crypto investors that have been granted a license for fund management involving digital assets in Hong Kong, with another approval in principle received for fund management in Singapore”, said Deng Chao, CEO of HashKey Capital and Head of HashKey Singapore.
HashKey Group and the Crypto Market Outlook
The HashKey Group has been very vocal in the crypto industry, where it even came up with the name ‘Shanghai Upgrade’ for the Ethereum network. Notably, the Shanghai upgrade is the next huge network update on Ethereum after the Merge between the mainnet and beacon chain last year. Scheduled later this year, the Shanghai upgrade is meant to enable withdrawals of over 15 million staked Ethers.
“… As one of the earliest institutional investors in Ethereum and the host of Devcon2, we have maintained since the first day that the power of blockchain and crypto innovation can create a better future. Fund III will follow our time-tested investment principles while also looking for game-changers, which would be those that will propel the industry forward into the next stage.” said Dr Xiao Feng, Chairman of HashKey Group.
While putting much focus on crypto companies that show potential for mass adoption, HashKey Group intends to build the infrastructure, and applications needed to make it happen. Moreover, HashKey Group has invested in time-tested crypto projects like Cosmos, Coinlist, Aztec, Blockdaemon, dYdX, imToken, Animoca Brands, Mask Network, FalconX, Polkadot, Moonbeam, Space and Time, and Galxe.
The crypto industry is expected to enter a multi-week consolidation level before falling on a new bull market. Moreover, the ongoing crypto rally has not been supported by a strong base as with the rest of the major crypto bear markets.