Metalpha Technologya Hong Kong-based cryptocurrency wealth manager, is working to offer new bitcoin (BTC) and Web3 entry points to investors in Asia.
Metalpha is raising a $100 million fund to invest in bitcoin and other crypto products from leading US-based crypto asset manager Grayscale Investments. The new fund aims help Chinese investors get a regulated channel to invest in cryptocurrencies and Web3as reported by Bloomberg on April 12.
known as Next Generation Fund IIthe next investment project of Metalpha Launches in Partnership with NextGen Digital Ventures. The bottom will invest directly in Grayscale’s cryptocurrency investment products and indirectly through structured derivatives related to Grayscale’s productsallowing institutions and high net worth individuals to gain indirect exposure to cryptocurrencies.
According to Metalpha founder and CEO Adrian Wang, the company has raised $20 million for its new fund since March. He claimed that the fund had attracted many Chinese investors:
“Many of our clients are family businesses with traditional backgrounds, rather than pure Web3 or cryptocurrency native investors. […] These are overseas Chinese institutions: some of them are family-owned companies, some of them are public companies.”
Wang also noted that Metalpha had seen demand for its products increase recently, following a series of difficulties related to the 2022 bear market and the collapse of the FTX cryptocurrency exchange. “Many customers were hesitant to place new orders, but now it is getting much better,” Wang said, adding that a lot of new traffic is coming in and people are gaining more trust now.
Founded in 2015, Metalpha was initially known as Dragon Victory Internationalahe, what orProvided supply chain management platform services and cryptocurrency derivatives services in Hong Kong. The firm rebranded to Metalpha in late 2022, shortly after receiving a notice from Nasdaq about the minimum offering price deficiency. Metalpha returned to Nasdaq listing rules as of April 2023.
Metalpha is backed by venture capital firm Antalphabased in Singapore, which it has allegedly been working with Chinese cryptocurrency mining firm Bitmain to offer low-interest loans to cryptocurrency miners.
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