GBA Capital Pledges $10 Billion to Establish Web3 Fund, Aims to Turn Guangdong-Hong Kong-Macao into Global Meta-Asset Capital
Summary:
During the Guangdong-Hong Kong-Macao Greater Bay Area Digital Economy Development Conference, Chinese VC firm GBA Capital pledged $10 billion for a Web3 fund. The company aims to invest in start-ups involved in non-fungible tokens, virtual reality, and the metaverse, intending to turn the Guangdong-Hong Kong-Macao area into a global hub for "meta-assets". GBA Capital plans to conduct global awareness tours and continues to focus on investing and nurturing in the digital economy.
On December 26, at the Digital Economy Development Conference for the Guangdong-Hong Kong-Macao Greater Bay Area, Chinese VC company GBA Capital pledged a whopping $10 billion for the establishment of a Web3 fund. As per regional news outlets, the prospective fund by GBA Capital is designed for investment in start-ups centered around non-fungible tokens, the metaverse, and virtual reality, with a goal to morph the economic region of Guangdong-Hong Kong-Macao into a leading hub for "meta-assets" across the globe. GBA Capital's Chairman, Haolong Li, also revealed plans to conduct global reconnaissance tours for meta-assets in Silicon Valley, Japan, Dubai, Singapore, Europe among other international locations, aimed at boosting meta-asset cognizance.
GBA Capital, a creation of the China Europe International Financial Group in Hong Kong, boasts strategic alliances with major establishments like China's state-owned National Engineering Laboratory and the Asia Pacific Investment Bank. The firm stated that its core mandate revolves around investment and nurturing in the realm of the digital economy. They are set on honing industrial clusters, capital as well as corporate resources, and leveraging policy benefits to offer an all-encompassing support system to enterprises.
Earlier on May 29, Zhongrong Global, a subsidiary of GBA Capital, managed to secure an angel financing round valuing 100 million Chinese Yuan (approximately $14 million). This capital is slated for deployment towards Web3 project fostering and industrial services within AI territory.
Since the outset of the year, the Guangdong-Hong Kong-Macao Bay Area has experienced a surge in Web3 start-ups and an influx of corporate relocations from foreign territories.
Published At
12/27/2023 8:38:36 PM
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