China Pacific Insurance (CPI) subsidiary CPIC Investment Management has opened two crypto funds in Hong Kong, in partnership with investment firm Waterdrip Capital.
Ranked the second-largest property insurer in Mainland China, CPI is owned by the country’s central government, the Shanghai municipal government, and China Securities Finances.
According to a report from Coin Telegraph, the new crypto funds include a venture capital fund called the Pacific Waterdrip Digital Asset Fund I, which will focus on investments in early-stage blockchain projects. The second, Pacific Waterdrip Digital Asset Fund II, will manage proof-of-stake digital assets. Both crypto funds will reportedly target institutional and wealthy private investors.
The report of the new funds come as Hong Kong positions itself as a cryptocurrency hub for the world, despite Web3 slowdown following several crypto controversies. In March, Singaporean authorities started investigations into Terraform Labs Pte, the company co-founded by crypto fugitive Do Kwon.
What are your thoughts on this story? Please feel free to share your comments below.
