Digital asset financial services company HashKey Capital is preparing to invest in the market’s largest cryptocurrencies. The famous company announced that it will dedicate less than half of its new fund to the altcoin sector.
HashKey Capital will make significant investments in the altcoin sector
HashKey Capital will invest a significant portion of its funding in altcoins, Reuters reported on Friday. According to the report, portfolio manager Jupiter Zheng reported that less than half of the fund’s investments will flow into Bitcoin (BTC) and Ethereum (ETH). Zheng added that allocations could diversify towards smaller altcoin projects.
HashKey Capital’s altcoin investment will take place within the framework of a private fund. Zheng said the fund, which opened Friday, attracts investment firms that serve wealthy Asian families as clients.
'Altcoins' central to Hong Kong crypto firm HashKey’s first liquid fund https://t.co/2eEXqCOOPg pic.twitter.com/rNVDpdpWrW
— Reuters (@Reuters) August 31, 2023
Singapore-based HashKey Capital announced a month ago that it aims to raise $100 million to invest entirely in cryptocurrencies. This move comes after Hong Kong’s re-emergence as a global crypto hub following the creation of the cryptocurrency regulatory framework in the prefecture.
OKX plans to invest in the Web3 sector
Elsewhere, popular crypto exchange OKX plans to enter the Indian industry and hire local employees to expand the possibilities of Web3 apps. OKX chief marketing officer Haider Rafique said the company plans to grow its wallet services “exponentially” by venturing into India’s developer community. Haider shared that there are currently 200,000 OKX Wallet users in India. He went on to say that this only equates to 5% of Web3 users in India:
We will learn about the community. We will work with local people; We will find where we can add value.
As we quoted as Kriptokoin.com, the altcoin industry is currently watching several Web3 projects with double-digit rises. Ahead of the latest announcement, OKX partnered with Neo for an APAC Hackathon in Bengaluru, India. Rafique described the move as a test to validate assumptions, understand the culture and support the Web3 ecosystem.
It is legal to trade cryptocurrencies in India. However, there is currently no regulation set by a central authority. These are bought and sold at the risk of the investor. Although they are not prohibited, they are not legal tender. They cannot be used for banking purposes. The country currently imposes a 30% tax on crypto.
BTC and altcoin market declines after SEC’s postponement decision
High-profile investment news aside, the altcoin industry is currently reacting to the SEC’s decision to delay. The US regulator rejected 3 major Bitcoin ETF applications last night. The impact of the news led to $26,000 in BTC price and around 3.5% declines in the altcoin market.
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