Hong Kong-based innovation venture Plutus VC plans to raise US$100 million by the end of 2023 to fund investments in the cryptocurrency market, according to a Bloomberg report. The fundraising comes as the city moves to regain its status as an international finance and crypto hub.

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The fund, named ProDigital Future, will invest in various digital assets, including Bitcoin, Ethereum, and other altcoins, targeting early-stage Web 3.0 companies.
Plutus VC hopes to attract institutional investors, high net-worth individuals, and family offices interested in investing in crypto.
ProDigital Future will “embrace Hong Kong and its policies” but will also be present in Australia and Singapore, “as well as in Europe and the U.S.,” said longtime tech investor Curt Shi who is leading the fund with Ben Ng, a venture partner at the Asian private equity firm SAIF Partners.
Fundraising has been “relatively smooth” so far, said Shi. Supporters of the fund so far include Hong Kong-based financial services firm Sunwah Kingsway Capital Holdings and global public relations firm Golin International Group.
Plutus VC’s decision to launch a crypto fund comes amid a growing interest in digital assets among institutional investors, with over 80 foreign and Mainland China companies expressing interest in establishing a Web3 company in Hong Kong, ahead of new crypto regulations that will take effect from June.