Key Takeaways
- • HashKey Capital, the crypto investment firm spun out of Wanxiang Group, aims to raise a $600 million pool to build one of Asia's largest crypto venture funds, according to Bloomberg reporting on the publisher's summary.
- • Deng Chao, an early Ethereum backer who in 2015 convinced his employer Wanxiang Group to buy roughly $500,000 worth of Ether, is leading the effort.
- • The fund is ramping up at a difficult time for crypto markets, a factor that bears on fundraising conditions for digital asset vehicles.
Summary
Deng Chao, a former investment manager at Wanxiang Group, the Chinese cars-to-energy conglomerate, is positioned to lead one of Asia's most ambitious crypto venture efforts. According to Bloomberg, Wanxiang spinoff HashKey aims to raise a $600 million pool for the fund.
Deng's early involvement in the sector dates to 2015, when Vitalik Buterin was raising money for Ethereum. Deng, then 21 years old, impressed Buterin's circle with his ability to field complex questions while coding on his laptop during a Shanghai meeting. Deng then persuaded his boss at Wanxiang to buy roughly $500,000 worth of Ether, the digital coin that runs on the Ethereum platform.
The fundraising push comes at a fraught moment for crypto markets, according to Bloomberg's coverage. Related reporting in the publisher's database indicates HashKey Capital has previously been described as having raised $500 million for one of Asia's biggest crypto investment pools, betting on a rebound in digital asset prices, though the $600 million target is the figure reported in the primary article.
For institutional allocators, the story reflects continued capital formation among Asia-based crypto venture managers despite weaker market conditions, and the involvement of a corporate-backed sponsor with an early-stage Ethereum position.
Deng's early involvement in the sector dates to 2015, when Vitalik Buterin was raising money for Ethereum. Deng, then 21 years old, impressed Buterin's circle with his ability to field complex questions while coding on his laptop during a Shanghai meeting. Deng then persuaded his boss at Wanxiang to buy roughly $500,000 worth of Ether, the digital coin that runs on the Ethereum platform.
The fundraising push comes at a fraught moment for crypto markets, according to Bloomberg's coverage. Related reporting in the publisher's database indicates HashKey Capital has previously been described as having raised $500 million for one of Asia's biggest crypto investment pools, betting on a rebound in digital asset prices, though the $600 million target is the figure reported in the primary article.
For institutional allocators, the story reflects continued capital formation among Asia-based crypto venture managers despite weaker market conditions, and the involvement of a corporate-backed sponsor with an early-stage Ethereum position.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.