Bloomberg reports that Whampoa Group, a Singapore-based asset management company, plans to raise $50 Million for a crypto hedge fund. It also announced plans to establish a venture capital fund to invest digital assets.
Early estimates suggest that the company will set aside $10 million for a crypto venture fund.
Amy Lee Han Shih and Amy Lee co-founded The Whampoa Group, a multi-family office. Amy Lee is the niece and former Prime Minister of Singapore, Lee Kuan Yew. Both came from the extended Lee Kuan Yew clan, who was the country’s first prime minster between 1959 and 1990.
Shawn Chan, the CEO of Whampoa, stated that Whampoa’s cryptocurrency hedge fund will use a market neutral strategy to offset volatility in cryptocurrencies. He mainly focuses on Bitcoin And ether.
Sometimes, however, other cryptocurrencies can be traded while offering a favorable risk/reward ratio.
The $10 billion private capital fund, which is expected to launch in the next quarter, will invest directly in Web 3 early-stage startups.
The Whampoa Network is seeking strategic partners to work with family offices in China and large internet companies from China.
PWC and Elwood Asset Management conducted a survey to find that 47% of traditional hedge funds have entered the cryptocurrency market or are planning to do so. This research included 39 hedge funds that managed $180 billion of assets.
Meanwhile, cryptocurrency hedge Fund Pangea Fund raised $85 million will go to a May strategy that is “long-only”.
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