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January 4, 2024
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Chinese VC firm commits $10B to fuel Web3 startup revolution.

Chinese venture capital firm GBA Capital has announced plans to launch a $10 billion fund to support Web3 startups in early growth stages. The fund will focus on startups building solutions with blockchain technology, central bank digital currencies (CBDCs), metaverse technologies, and non-fungible tokens (NFTs). The firm aims to transform the Guangdong-Hong Kong-Macao Greater Bay Area into “the world’s meta-asset capital” through partnerships with local governments. While details about the funds are sparse, the firm’s announcement suggests that it may also support startups outside the Greater Bay Area through conference tours in other jurisdictions. GBA Capital, backed by China’s National Engineering Laboratory and the Asia Pacific Investment Bank, has a focus on promoting the digital economy. The Greater Bay Area has seen a surge in Web3 projects in recent years, with a positive regulatory environment and access to banking services attracting relocation. The Digital Economy Development Conference aims to boost the region’s digital economy by exploring AI and quantum computing alongside Web3.

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