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Despite Crypto winter, this international VC raises $500M to invest in web3 mass adoption


Crypto winter continues to affect many businesses in the Web3 space, but investments continue to flow in.

Now, Hong Kong-based global asset manager in crypto and blockchain HashKey Capital, announced the final closing of its third fund, HashKey FinTech Investment Fund III (“Fund III”), with a total commitment of $500 million. Among the institutional investors who supported Fund III were sovereign wealth funds, corporations, and family offices affiliated with HashKey FinTech Investment (part of HashKey Capital).  

Fund III will focus on emerging markets to advance outstanding crypto and blockchain initiatives globally. 

“HashKey Capital has weathered at least three cycles in the industry. These unique experiences and insights will be invaluable to us in navigating through turbulence. We are one of the few crypto investors that have been granted a license for fund management involving digital assets in Hong Kong, with another approval in principle received for fund management in Singapore. The HashKey Group was an early supporter of crypto and blockchain technology, and we are pleased to continue to take on this responsibility, and work with our partners to establish the gold standard for the industry’s sustainable growth.” said Deng Chao, CEO of HashKey Capital and Head of HashKey Singapore.

“Most people from the industry recognize HashKey Group as a global investment pioneer in blockchain, but few are aware that the HashKey Group was the inspiration behind the name ‘Shanghai Upgrade’ for Ethereum. As one of the earliest institutional investors in Ethereum and the host of Devcon2, we have maintained since the first day that the power of blockchain and crypto innovation can create a better future. Fund III will follow our time-tested investment principles while also looking for game-changers, which would be those that will propel the industry forward into the next stage.” said Dr. Xiao Feng, Chairman of HashKey Group. 

With Fund III, investors will have access to all aspects of blockchain and crypto technology at institutional levels. This new fund aims to invest primarily in infrastructures, toolings, and applications that have potential for mass adoption. 

Since its inception in 2018, HashKey Capital has managed over $1 billion in client assets with a proven track record of investing across all stages of blockchain and crypto companies. To date, HashKey Capital has invested in many top projects and companies, including Cosmos, Coinlist, Aztec, Blockdaemon, dYdX, imToken, Animoca Brands, Mask Network, FalconX, Polkadot, Moonbeam, Space and Time, and Galxe.

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