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Crypto-focused asset manager HashKey Capital has raised an additional $500 million for investments in the Web3 ecosystem.

“Web3” describes an emerging set of blockchain-based technologies that are ushering in a new, decentralized era of the internet, including crypto, DeFi, and NFT.

HashKey’s fund, “FinTech Investment Fund III” (Fund III), has received commitments from a range of institutional investors, “including sovereign wealth funds, corporations and family offices”, according to a announcement from HashKey on Tuesday.

“Fund III will follow our proven investment principles while seeking out game changers who would be the ones to propel the industry to the next stage,” HashKey Group Chairman Dr. Xiao Feng said in the announcement. .

The capital raised will be deployed towards blockchain infrastructure, applications and tools that have the potential for mass adoption, with a focus on emerging market opportunities. The company said it will provide investors with “institutional-grade exposure” to all facets of the crypto industry.

“The HashKey Group was an early supporter of crypto and blockchain technology, and we are pleased to continue to take on that responsibility and work with our partners to set the gold standard for the sustainable growth of the industry. ‘industry,” HaskKey Capital CEO Deng Chao said in a statement.

HashKey Group served as the inspiration behind the name of the next “Shanghai Upgradewhich is expected to allow Ethereum stakingrs to withdraw their assets from the network staking contract by March. An Ethereum DevCon was held in Shanghai in 2017 and sponsored by Wanxiang Labs, a strategic partner of HashKey Group.

The Hong Kong-based digital asset company was the first investor in Ethereum and contributed to various other popular groups including Cosmos, Coinlist, dYdX, Animoca Brands, Polkadot and others. (Disclosure: HashKey Capital is one of 22 strategic investors in Decrypt.)

Sharp touch has managed over $1 billion in client assets since its launch in 2018.

Fund III emerges at a time of great distress for the crypto market and industry, when macroeconomic headwinds caused leaders like Coinbase to embrace several major job cuts. Chao said HashKey has weathered three such cycles already and has the insight to navigate such turbulent waters.

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