Singapore’s Whampoa Group Raises $50M for Crypto Hedge Funds

Rate this post


According to Bloomberg, Singapore-based asset management firm Whampoa Group plans to raise $50 million for a crypto hedge fund and has announced plans to set up a venture capital fund to invest in digital assets.

HEDGE.jpg

According to early estimates, the company intends to set aside $10 billion for a cryptocurrency venture fund.

The Whampoa Group is a multi-family office co-founded by Amy Lee and Lee Han Shih. Amy Lee is the niece of Singapore’s founding Prime Minister Lee Kuan Yew. Both belonged to the extended family of Lee Kuan Yew, who served as the country’s first prime minister from 1959 to 1990.

Its CEO Shawn Chan said that Whampoa’s cryptocurrency hedge fund will adopt a market-neutral strategy to offset the volatility of cryptocurrencies, mainly focusing on bitcoin and ether.

But occasionally other cryptocurrencies are traded while securing a favorable risk-reward.

The $10 billion private venture capital fund, likely to launch next quarter, will invest in Web 3 early-stage startups.

The Whampoa Group is looking for strategic partners with regional family offices and some large Chinese internet companies.

A survey conducted by PWC and Elwood Asset Management indicates that 47% of traditional hedge fund firms have entered or plan to enter the cryptocurrency market. The research surveyed 39 hedge fund firms in the first quarter of this year with a total of $180 billion in assets under management.

Meanwhile, cryptocurrency hedge Fund Pangea Fund raised $85 million to focus on a “long-only” strategy in May.

Image source: Shutterstock

Disclaimer:- Investing in bitcoin and different preliminary coin choices is extremely dangerous and speculative. Because every particular person’s scenario is exclusive, a certified skilled ought to at all times be consulted earlier than making any monetary choices. The Crypto Kingdom makes no representations or warranties as to the accuracy or timeliness of the knowledge contained herein.

Rate this post
SEE ALSO:   Luxury Luggage Brand Hermes Files for Crypto, NFT and Metaverse Trademarks

Leave a Reply

Your email address will not be published. Required fields are marked *