One of Hong Kong’s leading crypto firms, HashKey Capital, announced that they will launch a new fund in the crypto market. In this new approach by the company, second-tier cryptocurrencies, or altcoins, are emphasized over market leaders like Bitcoin. The aim is to enable these altcoins to perform better than Bitcoin. The fund is set to become operational on Friday.
The Primary Objective of the Fund is Altcoins
HashKey Capital will allocate a significant portion of its assets in this fund to altcoins. However, less than 50% of the investments will still be made in market leaders Bitcoin and Ethereum. While part of the fund will be held in cash, the company’s asset manager, Jupiter Zheng, noted that they will diversify the portfolio in altcoins, leveraging their crypto venture investment experience.
Having previously announced a goal to raise $100 million within 12 months, HashKey Capital aims to guide investors to diversified strategies in Hong Kong’s weak stock market environment.
Hong Kong is on the Rise in the Regional Crypto Market!
Hong Kong is taking significant steps in the adoption of crypto assets and technologies. The government aims for leadership in this field by supporting crypto assets and encouraging the development of web3 based on blockchain technology. This year, about 100 conferences related to crypto were held in the city, demonstrating the region’s seriousness in this field.
Last month, HashKey Exchange became one of the first exchanges to offer cryptocurrency trading to individual investors in Hong Kong. This move was consistent with Hong Kong’s determination to become a global hub in the crypto space. As is known, cryptocurrencies were banned in Mainland China, and the country was not in favor of cryptos in any way.
Steps taken by HashKey to offer cryptocurrency trading services to individual customers have also taken shape. On August 28th, the company began its services, initially offering only Bitcoin and Ethereum trading. Prioritizing user safety, HashKey has prohibited registrations from Chinese IP addresses.
Source: Reuters
