A multi-family office managing funds for some of the wealthiest families in Hong Kong is reportedly set to make its first foray into the cryptocurrency industry.
Bloomberg reported on June 23 that this institution, which manages assets worth $4 billion, plans to invest up to $10 million in Re7 Capital strategies. However, the specific investment amount has not yet been finalized.
Elton Cheung, managing partner of VMS Group, told Bloomberg, "This decision is one of our strategic moves to diversify into more liquid investment areas."
Elton Cheung further noted that although the company has achieved substantial returns in private equity and other long-term investments, it has become increasingly difficult to exit such investments as more companies choose to extend their time in private status.
VMS Group attributes this strategic shift to the growing market demand and the gradually favorable regulatory environment.
"We believe now is the right time, as market demand continues to rise, and we observe that various jurisdictions are providing clearer legislation and government support, along with endorsements and recognition from large institutions," emphasized Elton Cheung.
It is worth noting that VMS Group has chosen to invest indirectly through Re7 Capital rather than directly purchasing digital assets. Re7 Capital is a specialized digital asset investment firm focused on generating returns through DeFi and other cryptocurrency strategies.
Cointelegraph has attempted to contact VMS Group but has not received a response as of the time of publication.
Recently, the Hong Kong region has implemented several regulatory measures aimed at promoting crypto innovation in the area.
Earlier this month, it was reported that the Hong Kong government is exploring development opportunities for its central bank digital currency program using Chainlink's cross-chain interoperability protocol.
On June 4, Hong Kong regulators allowed professional investors to trade crypto derivatives, marking an important step in expanding the product offerings for such investors.
In May, the Hong Kong Legislative Council passed a bill allowing companies to issue stablecoins backed by fiat currency by the end of the year.
Businesses in Hong Kong have begun incorporating cryptocurrencies into their asset reserves.
Last week, MemeStrategy, an investment company managed by 9GAG, became the first publicly listed company in the region to invest in Solana (SOL). The company purchased over 2,400 SOL tokens worth $368,000.
At the same time, in May, ready-to-eat food vendor DDC Enterprise purchased 21 BTC as part of a broader strategic deployment to accumulate 5,000 bitcoins over the next three years.
Related: Ethereum developers propose to halve block time to 6 seconds, doubling the number of blocks
Original: “Reportedly, $4 billion family office VMS Group to begin investing in cryptocurrency”
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