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Singapore’s Whampoa Group Raises $50M for Crypto Hedge Funds

Singapore’s Whampoa Group Raises $50M for Crypto Hedge Funds

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According to Bloomberg, Singaporean asset management company Whampoa Group is looking to raise $50 million for a crypto hedge fund and has announced plans to launch a venture capital fund to invest in digital assets.

According to early estimates, the company plans to allocate $10 billion to the cryptocurrency fund.

Whampoa Group is a multi-family office co-founded by Amy Lee and Lee Han Shih. Amy Lee is the niece of Singapore’s founding prime minister, Lee Kuan Yew. Both belonged to the family of Lee Kuan Yew, who served as the country’s first prime minister in 1959-1990.

Its CEO Shawn Chan said Whampoa’s cryptocurrency hedge fund adopts a market-neutral strategy to offset the volatility of cryptocurrencies, focusing mainly on Bitcoin and ether.

But sometimes other cryptocurrencies are traded and at the same time a favorable risk-return is ensured.

A $10 billion private venture capital fund, likely to be launched next quarter, will invest in early-stage Web 3 startups.

Whampoa Group is looking for strategic partners from regional family offices and some large Chinese Internet companies.

A study by PWC and Elwood Asset Management shows that 47% of traditional hedge fund firms have entered or plan to enter the cryptocurrency market. The study examined 39 hedge fund firms with a total of $180 billion in assets under management in the first quarter of this year.

At the same time, the cryptocurrency hedge fund Pangea Fund raised $85 million to focus on a “long-only” strategy in May.

Image source: Shutterstock

Source: https://blockchain.news/news/singapores-whampoa-group-raises-$50m-for-crypto-hedge-funds

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