HashKey Capital raises $500 million to implement Web3

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Hong Kong investment companyGlobal asset manager HashKey Capital announced the completion of a $500 million funding round for its FinTech Investment Fund III.

The fund will reportedly be used to invest in Web3 infrastructure, applications and tools that will help accelerate the mass adoption of cryptocurrencies and blockchain. 

HashKey Capital Investment Director XiaoXiao Xiao believes that Web3 cannot be ignored because the industry is growing too rapidly and attracting more and more companies from the traditional sector. The interconnectedness of Web3's products is what keeps investors coming back to the industry and pursuing value-added services, he said.

"The Web3 industry has too muchpotential and is developing too quickly to be ignored. Many traditional institutions and large Internet platforms are interested in cryptocurrencies, and some of them are actively learning to operate in the new environment,” says Xiao.

Investing in a fund allows investorsenter the industry quickly and effortlessly, especially since many financial institutions are looking at cryptocurrencies as another asset class to diversify their portfolio. And the crypto winter, Xiao believes, only attracts institutional investors, since the current conditions are conducive to planning for the long term.

Earlier, venture capital companies Venom Foundation and Iceberg Capital announced the opening of the Venom Ventures Fund (VVF) worth $1 billion to develop the Web3 industry.