The Hong Kong-based blockchain and digital asset arm of Chinese conglomerate Wanxiang Group said its third fund will finance outstanding crypto and blockchain initiatives around the world. Focusing on opportunities in emerging markets, HashKey FinTech Investment Fund III leverages venture capital on tools, infrastructure, and applications that could be widely adopted.

Since its inception in 2018, HashKey Group has invested in some of the world’s largest blockchain projects related to brokerage, custody, and staking. With over $1 billion in client assets, his notable investments include cross-chain protocol Polkadot, crypto lender BlockFi, decentralized finance protocol Terra, non-fungible token, and metaverse fund Animoca Brands.

The firm, led by early Ether investor Deng Chao, also backs privacy tool Mask and blockchain node infrastructure provider Blockdaemon, among many others.

The newly raised capital will be used to fund entrepreneurs and startups leading the next wave of digital asset innovation. As such, Fund III provides investors with institutional-grade exposure to a full spectrum of blockchain technology and crypto assets.

“HashKey Capital withstood at least three cycles in the industry. From each unique experience, we gained important information that will allow us to navigate through the turbulence. We are one of the few crypto investors to have been granted a license to manage funds involving digital assets in Hong Kong, with another approval in principle received for fund management in Singapore. HashKey was an early supporter of crypto and blockchain technology, therefore we are pleased to take on this responsibility and work with our partners to set the gold standard for sustainable industry growth,” said Deng Chao, Director of HashKey Group Singapore and CEO of HashKey Capital.

“Most people in the industry recognize HashKey as a global pioneer investor, but few are really aware that HashKey was the inspiration behind the name ‘Shanghai Update.’ As the first institutional investor in Ethereum and the host of Devcon2, we have argued since day 1 that the power of blockchain and crypto innovation can create a better future.” Notes by Dr. Xiao Feng, President of HashKey Group. “Fund III will follow our investment principles and objectives while, at the same time, looking for game-changers, those that will propel the industry to the next stage.”