During the Guangdong-Hong Kong-Macao Greater Bay Area Digital Economy Development Conference on Dec. 26, Chinese venture capital (VC) firm GBA Capital announced a $10-billion pledge to establish a Web3 fund.
According to local news reports, the GBA Capital Web3 Fund will invest in startups focusing on virtual reality, the metaverse and nonfungible tokens and transform the Guangdong-Hong Kong-Macao economic area into the world’s “meta-asset capital.” Haolong Li, chairman of GBA Capital, said that this year’s conference would also “hold meta-asset global tours in Japan, Singapore, Dubai, Silicon Valley, Europe, and other places” to improve the visibility of meta-assets.
GBA Capital was established by China Europe International Financial Group in Hong Kong. The firm holds strategic partnerships with financial institutions such as the Asia Pacific Investment Bank and China’s state-owned National Engineering Laboratory.
“GBA Capital focuses on investment and incubation in the field of digital economy,” the company wrote. “We aim to integrate the industrial clusters, capital resources, and corporate resources and policy advantages to provide comprehensive support and services to enterprises.”
On May 29, GBA Capital’s subsidiary Zhongrong Global raised an angel funding round at a valuation of 100 million Chinese yuan ($14 million). Zhongrong will allocate the capital to Web3 project incubation and industrial services in the artificial intelligence field.
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Since the beginning of the year, the Guangdong-Hong Kong-Macao Bay Area has witnessed a boom in Web3 startups and corporate relocations from overseas alike.