As regulatory challenges still persist in the US, CoinFund is now seeing capital leave the country for Asia.
CoinFund, a New York-based cryptocurrency investment firm, has expanded its services in Asia with a new hire as regulatory challenges persist for the industry in the US.
With Dmitry Lapidus, a recently appointed senior liquids analyst at CoinFund, the company wants to double down on Asia as more crypto entrepreneurs flock to the region, the South China Morning Post reports. According to Lapidus, the investment firm chose Hong Kong for its Asia debut partly because of the way the city attracts crypto talent.
“If you look at the history of how this industry has evolved, there has always been very active participation from Hong Kong and China, particularly in the early days. “That’s why I almost see it as one of the most natural places for innovation and experimentation.”
Dmitri Lapidus
Founded in 2015, CoinFund made over 120 investment deals, supporting cryptocurrency startups like NEAR and LedgerX. And while other venture capitalists scaled back their cryptocurrency investments, CoinFund appears to be staying true to its plan to support the market.
In July 2023, the New York-based company raised $158 million for its new crypto fund called CoinFund Seed IV Fund. As noted by TechCrunch, the latest fund is 90.4% larger than its initial third fund of $83 million.
However, CoinFund is not the only cryptocurrency-focused venture capital firm that wants to expand its reach in Hong Kong. Hivemind Capital Partners, the other US-based cryptocurrency investment firm, also landed in the region in early November 2023.
