The OP Crypto Fund of Funds (FoF) recently announced that they have successfully raised a total of $28 million since their launch in April of last year. According to David Gan, one of the fund’s directors, 22 people have already invested.
Despite the bearish market conditions, the OP Crypto Fund of Funds showed growth, which could be attributed to their claim of being a bridge between Asia (specifically China) and Europe/USA. The venture capital fund focuses on investing in emerging managers on a global scale, backing blockchain products worldwide.
As they say on their Twitter profile, the OP Crypto Fund of Funds aims to bridge Asia and the West by supporting promising blockchain ventures worldwide.
The team behind this credible crypto venture has a noteworthy background, as former executives led it from Huobi, one of the world’s largest crypto exchanges in 2014-2017.
Lucas He, who worked in Huobi’s investment arm, and David Gan, who held a senior executive position at Huobi Global for three years, are the key people involved in this project.
Although Huobi and its competitor OKX are no longer as visible as they used to be during their heydays, both exchanges have managed to survive even after China’s ban on crypto exchanges. In fact, OKX is reportedly thriving, and it has been five years since the ban was implemented.
While it may seem that Huobi, in which Justin Sun acquired a majority stake, has been less visible in the crypto market lately, it could play a significant role again if Hong Kong opens its doors to cryptocurrencies.
Dubbed the “dancing exchange,” Huobi has been relatively quieter compared to its intense competitor, OKX. After being expelled from China in 2017, OKX moved on without looking back, while Huobi tried to align with the Chinese Communist Party’s stance by distinguishing between blockchain and crypto.
They even established a headquarters in Chongqing in 2020. However, a year later, bitcoin miners were forced to leave. Nevertheless, we’re back to the other side of Schrödinger’s cat paradox again.
As with Bitcoin, which has seemingly died many times, it has also been written off several times in China. However, a bridging VC like the one mentioned in our previous article is among the few that showed growth, indicating that there are still opportunities to thrive in the crypto market.