GBA Capital Commits $10 Billion for Web3 Fund in Greater Bay Area
Throughout the Guangdong-Hong Kong-Macao Greater Bay Area Digital Economy Development Conference, which took place on December 26th, the Chinese venture capital (VC) firm GBA Capital committed to establishing a Web3 fund with a guarantee of ten billion dollars.
To develop the Guangdong-Hong Kong-Macao economic region into the “meta-asset capital” of the world, the GBA Capital Web3 Fund is going to invest in firms that are working on virtual reality, the metaverse, and nonfungible tokens, as reported by local news outlets.
This year’s conference will also “hold meta-asset global tours in Japan, Singapore, Dubai, Silicon Valley, Europe, and other places,” according to Haolong Li, chairman of GBA Capital. The purpose of these tours is to increase the visibility of meta-assets.
China Europe International Financial Group is the company that initiated the establishment of GBA Capital in Hong Kong.
The Chinese government owns the National Engineering Laboratory of China, one of the financial organizations that China Europe International Financial Group has established strategic ties with, along with the Asia Pacific Investment Bank.
Within the realm of the digital economy, “GBA Capital focuses on investment and incubation,” the company stated in its written statement.
To provide comprehensive support and services to businesses, our goal is to merge the resources of industrial clusters, capital resources, corporate resources, and policy advantages. On the 29th of May, Zhongrong Global, a subsidiary of GBA Capital, completed an angel investment round with a valuation of 100 million Chinese yuan, which is equivalent to $14 million.
Zhongrong will use the funds to provide industrial services in the field of artificial intelligence and incubate Web3 projects. Since the beginning of the year, the Guangdong-Hong Kong-Macao Bay Area has seen an increase in the number of Web3 startups as well as business relocations from other countries.