C Ventures, a venture capital firm started by Hong Kong real estate tycoon and billionaire Adrian Cheng, is reportedly looking to raise $200 million to invest in the cryptocurrency market. In addition to the cryptocurrency fund, C Ventures intends to raise around $300 million over the next 18 months in order to invest in private equity and private debt strategies, according to the report.
This comes as no surprise as Cheng has been outspoken about his support for blockchain technology and cryptocurrencies. In an interview with Bloomberg last year, he said that he believes that cryptocurrencies will eventually replace fiat currencies.
Cheng apparently favors the NFT and metaverse sub-sectors. Adrian recently bought 101 NFTs from the Azuki collection. “We will carve out a unique space in the Web3 world and bring our culture of creativity and community-based experiences to life,” he tweeted last month.
C ventures offer illumination to struggling private firms
The firm is betting on depressed private companies and digital asset prices. “When people are on the defensive, we’re attacking,” C Ventures’ co-founder and CEO Ben Cheng told Bloomberg during an interview. He explained that such a scenario generally leads to the best outcome, adding that he expects a rebound after another 6 to 9 months.
When it comes to the cryptocurrency fund, C Ventures will reportedly invest in a wide range of digital assets including Bitcoin (BTC), Ethereum (ETH), and non-fungible tokens (NFTs). The firm will also look to invest in companies that are involved in the development of blockchain infrastructure and applications.
C Ventures is not the only institutional player that is looking to raise money to invest in cryptocurrencies. Last month, hedge fund manager Alan Howard reportedly raised $600 million to start a new cryptocurrency fund. Galaxy Digital, a digital asset management firm founded by billionaire Mike Novogratz, is also said to be planning to launch a crypto fund that could raise up to $500 million.
With more and more institutional investors entering the cryptocurrency space, it is becoming increasingly clear that the mainstream adoption of digital assets is only a matter of time.
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