Mooncake Capital, a cryptocurrency venture capital firm headquartered in Singapore, revealed that its Connect Fund project has raised US$10 million in cryptocurrency.
According to CryptoNewsZ, Connect Fund was launched with the aim of raising US$100 million to be further invested in cryptocurrency projects in Singapore, Hong Kong, and China.
The company is focused on raising funds from other parts of the world, such as countries in Latin America and Europe, and channeling them to projects in Asia.
However, Connect Fund only accepts cryptocurrencies and offers OTC trading facilities that can assist users in working around crypto trading bans in countries like China.
Patrick Lee, Partner at Mooncake Capital, revealed that the firm’s customers are showing more interest in investing in Connect Fund, while OTC trading has also been growing at a rapid pace.
“[The Connect] Fund sees large OTC volumes in Indonesia, about US$1M to US$2M every day,” Lee said.
Lee noted that a lot of investors in countries such as Indonesia are looking to invest in Chinese cryptocurrency projects.
In order to ensure low risks for its investors, Mooncake Capital revealed it will not use the Connect Fund to expand in other countries beyond its existing market.
Moving forward, the firm aims to serve as a gateway for investors worldwide to access the growing crypto market in China.
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