Sino Global Capital Launches $200M Fund Backed by FTX

The fund will focus on Solana and Ethereum projects in Asia and specifically India.

Oct 25, 2021 at 1:29 p.m. UTC
Updated Oct 25, 2021 at 3:18 p.m. UTC

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

Chinese crypto venture capital firm Sino Global Capital is launching a $200 million fund, backed by crypto derivatives exchange FTX.

  • The news was first reported by The Block early on Monday. Sino Global confirmed the news to CoinDesk in an official statement.
  • The fund, dubbed Liquid Value Fund I, is hard-capped at $200 million, the statement said. A substantial amount of that has already been committed by partners like FTX, according to The Block.
  • Liquid Value Fund I will invest in DeFi, Web 3.0 and “mass consumer protocols” on Solana and Ethereum ecosystems, and will focus on projects in Asia and particularly India, according to the statement.
  • Sino Global’s CEO Matthew Graham tweeted earlier this month that the company was looking for interns for its interns-to-hire program in India.
  • Beijing-based Sino Global has invested in over 20 crypto projects according to the statement, including FTX, Solana, Serum and Mask Network.
  • Some of the firm’s existing investments will be purchased by the new fund at cost (i.e., what Sino Global paid for it, not the current market price), including LayerZero, Orca and Clearpool, according to the statement.
  • It is the first time the venture capital firm is accepting outside capital from a broad range of accredited investors, according to the statement.
  • FTX raised $420 million in a Series B-1 funding round last week, following a $900 million round in July.

UPDATE (Oct. 25, 13:33 UTC): Updated with information in the sixth bullet point.

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Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

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Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

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