Adrian Cheng, a Hong Kong real estate magnate and millionaire, is the founder of the venture capital firm C Ventures. C Ventures is rumored to be planning to build a new fund with a target size of $200 million to invest in the cryptocurrency market.
In addition to the cryptocurrency fund, it has been reported that over the next 18 months, C Ventures will be raising around $300 million in private equity and private credit initiatives. This is what is stated in the reports that were published on Wednesday, citing people who are familiar with the subject.
The corporation is betting on the low current valuations of private businesses and digital assets to maximize profits. Ben Cheng, co-founder and CEO of C Ventures, was quoted as saying that the company is on the offensive when other competitors are playing defense. He explained that under these circumstances, the most significant possible outcome would be achieved and that he anticipated a recovery within the following six to nine months.
According to reports, C Ventures has amassed approximately one billion dollars in funding for businesses, cryptocurrencies, and private credits since the company’s founding in 2017. Animoca Brands, RTFKT Studios, and Matrixport are some companies currently part of C Ventures’ portfolio of crypto companies. After doubling in value the year before, Cheng reports that the worth of the company’s crypto holdings has increased by another 40% so far this year.
Adoption of NFTs and a Preference for Them
C Ventures and Adrian Cheng appear to have a preference for the NFT and metaverse areas of the cryptocurrency industry. Recent acquisitions include 101 Azuki NFTs, which Adrian has purchased. Last month, he stated that they would carve out a special place for themselves in the Web3 globe by giving life to their tradition of artistic expression and communal celebration. This tweet has this opinion in his words.
Nevertheless, venture capital firms continue to raise capital despite the bleak conditions in the cryptocurrency sector. Of the twenty venture capital (VC) funds that began operations in the month of August, the three most significant were launched by Insignia Ventures Partners, DBA Crypto, and CoinFund, respectively.
