December 28, 2023

China’s GBA Plans To Set up $10-Bln Web3 Fund

China's Web3

China’s Web3

Chinese venture capital firm GBA Capital announced its plan to establish a $10 billion Web3 fund.

Announced during the Guangdong-Hong Kong-Macao Greater Bay Area Digital Economy Development Conference, the GBA Capital Web3 Fund will invest in startups that are focused on virtual reality, the metaverse, and non-fungible tokens. The aim is to transform the Guangdong-Hong Kong-Macao economic area into the world’s “meta-asset capital.”

Haolong Li, the chairman of GBA Capital, stated that the conference would also plan on conducting a “meta-asset global tour” in Japan, Singapore, Dubai, Silicon Valley, Europe, and other locations in order to increase the visibility of meta-assets.

GBA Capital is a Hong Kong-based firm established by China Europe International Financial Group. It has formed strategic partnerships with financial institutions such as the Asia Pacific Investment Bank and China’s state-owned National Engineering Laboratory.

The company focuses on investment and incubation in the digital economy sector. It aims to integrate industrial clusters, capital resources, corporate resources, and policy advantages to provide comprehensive support and services to enterprises.

On May 29, GBA Capital’s subsidiary, Zhongrong Global, raised an angel funding round with a valuation of 100 million Chinese yuan ($14 million). The capital will be allocated to incubate Web3 projects and provide industrial services in the field of artificial intelligence.

Since the beginning of the year, the Guangdong-Hong Kong-Macao Bay Area has witnessed a surge in Web3 startups and corporate relocations from overseas.

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