Crypto-focused asset manager HashKey Capital has raised another $500 million for investments in the Web3 ecosystem.

“Web3” describes an emerging set of blockchain-based technologies ushering in a new, decentralized era of the Internet, including crypto, DeFi, and NFTs.

HashKey’s fund, “FinTech Investment Fund III” (Fund III), received commitments from a variety of institutional investors, “including sovereign wealth funds, corporations and family offices,” according to a advertisement from HashKey on Tuesday.

“Fund III will follow our time-tested investment principles while looking for game-changers that will propel the industry to the next stage,” HashKey Group Chairman Dr. Xiao Feng said in a statement. ad.

The capital raised will go towards blockchain infrastructure, applications and tools that have the potential for mass adoption, with a focus on opportunities in emerging markets. The firm said it will provide investors with “institutional-grade exposure” to all facets of the crypto industry.

“The HashKey Group was one of the first to support cryptography and blockchain technology, and we are pleased to continue to assume this responsibility and work with our partners to set the gold standard for sustainable growth in the industry,” said the CEO of HaskKey Capital, Deng Chao, in a statement. declaration.

HashKey Group served as the inspiration behind the name of the upcoming “Shanghai update”, which is scheduled to allow Ethereum participants to withdraw their assets from the network’s participation contract by March. An Ethereum DevCon was held in Shanghai in 2017 and was sponsored by Wanxiang Labs, a strategic partner of HashKey Group.

The Hong Kong-based digital asset firm was the first corporate investor in Ethereum and has contributed to several other popular groups including Cosmos, Coinlist, dYdX, Animoca Brands, Polkadot, and others. (Disclosure: HashKey Capital is one of 22 strategic investors in decipher.)

hash key has managed more than $1 billion in client assets since its launch in 2018.

Fund III comes at a time of great angst for the crypto market and the industry as macroeconomic headwinds have pushed leaders like Coinbase into enacting multiple major job cuts. Chao said HashKey has already weathered three such cycles and has the insight to navigate such troubled waters.