Whampoa To Wield $100M for Web3: Report

The investment arm of one of Singapore’s largest multi-family offices is expected to set aside $100 million for the investment and incubation of Web3 startups, Reuters reported Thursday.

Whampoa Group’s digital asset investment business, Whampoa Digital, is expected to pour money into the sector via a venture fund targeting equity and tokens of products or services.

Whampoa’s fund, which intends to scale up its investment in the space, is expected to commence next quarter, in roughly one to three months time, CEO of Whampoa Group said in the report. 

The group said it also plans to raise $50 million for a crypto-related hedge fund, according to separate reports. Despite crypto’s poor performance this year, executives of the group said they believe investment in Web3 technology stood to offer significant long-term growth potential.

Whampoa part of Web3 venture investing trend

Amid bearish market sentiment and depreciating crypto prices, large allocations of institutional capital continue to flow into crypto’s Web3 sector, and this isn’t Whampoa’s first foray.

The firm supported Binance’s $500 million fund — also slated for Web3 investments — in June. 

Venture capital giant Andreessen Horowitz, meanwhile, launched the industry’s largest fund totaling $4.5 billion in a move widely considered to provide a significant boost to those building software and applications.

Founded by the daughter of Singapore’s first Prime Minister, Whampoa is a privately held investment group focusing on high-growth, future-forward investments, according to its LinkedIn page.

The group’s investment portfolio comprises roughly 200 companies which it has established over the last ten years.

Get the day’s top crypto news and insights delivered to your inbox every evening. Subscribe to Blockworks’ free newsletter now.

The post Whampoa To Wield $100M for Web3: Report appeared first on Blockworks.