The OP Crypto Fund of Funds (FoF), which calls itself the “first crypto ventures fund of funds focused on investing in emerging managers on a global-scale,” has raised $28 million.
David Gan, a director at the fund, said 22 people had invested since April last year when this fund first launched.
Making this one of the few funds that have seen growth during the bear, and the reason may well be because it claims to be a bridge between Asia, as in China, and Europe/USA.
“Bridging Asia & the West by backing global blockchain products,” the Venture Capital fund says on its Twitter profile.
Credibly so because it is being led by ex Huobi guys. That includes Lucas He, who worked at the investment arm of Huobi, and David Gan, a former senior executive at Huobi Global for three years.
Once one of the world’s biggest crypto exchange, from 2014 to 2017, Huobi and its intense competitor OKX are now less prominently visible than the years when they dominated this space.
Yet five years on since China banned crypto exchanges, both survive and OKX seems to even be thriving.
Less is heard of Huobi, in which Justin Sun unnoticeably acquired a majority stake, but the dancing exchange as we might call it may well play a significant role once again if Hong Kong opens its crypto market.
Unlike OKX, which once kicked out of China in 2017 seemingly didn’t look back, Huobi tried to play to the tune of the Chinese Communist Party in differentiating between crypto and blockchain, opening an HQ in Chongqing in 2020.
A year later, bitcoin miners were kicked out, but now at least speculatively we’re back to the other side of the Schrödinger once again.
So just as bitcoin keeps dying so many times, it appears it keeps dying in China too, so much so in effect that a bridging VC is one of the few to see growth.
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- Source: https://www.trustnodes.com/2023/04/06/op-crypto-raises-28-million
