In view of the fact that Bitcoin is on track to reach its nine-month high, BitRock Capital, a Singaporean investment company, plans to raise $100 million to invest in Web3 firms. According to several sources, the Singaporean company, which is currently supported by logistic real estate developer GLP, is on the verge of raising $100 million.
BitRock Capital stated that they are primarily looking to focus on finance and blockchain firms in China and Southeast Asia after successfully raising their target money. It is also important to note that the aforementioned fund will focus on international Web3 startups, Southeast Asian financial firms, and Software as a Service (SaaS) businesses in China.
Table of Contents
The Reason Behind the Initiative
BitRock Capital was established in 2018 and now owns 20 firms in its portfolio, including the Hong Kong-based virtual insurer OneDegree, the Swiss digital bank Sygnum Bank, and the London-based digital asset exchange Archax.
A company spokesperson stated that they are a specialist fund and that its goal is to hand-pick the greatest offers available. The market’s current events, such as the high-interest rate environment, the slowing economy, and COVID-19’s effects in previous years, will provide them with better offers, he continued.
The spokesperson clarified that his earlier statement did not imply that it is now simple but added that they are moving in the direction of what was “intended.” He continued by saying that although potential investors are now savvier, their company is growing interested and having conversations about potential LPS.
Money Rains on the Web3 Space
In addition to BitRock Capital’s endeavor, Bill Qian, a former executive of Binance, has expressed interest in investing roughly $100 million specifically for businesses that can promote the broad adoption of Web3. Now, Qian is the chairman of Cipher Capital, a company based in Dubai.
It’s also important to remember that the Deutsche Bank’s investment arm was reportedly planning to invest in two German Web3 firms back in February. Moreover, $2 billion in metaverse initiatives will be invested this year by Animoca Capital.
These reports are compelling evidence that, despite the impending crypto winter of 2022, a number of venture capital firms and investment firms are still interested in cryptocurrency enterprises.