On Friday, Huobi co-founder Du Jun and Chinese Web3 investor “BMAN” Lee announced the establishment of a new $400 million cryptocurrency fund.
BMAN stated in a Twitter post that the fund, dubbed ABCDE Capital, would strive to help between 10 and 20 CEOs each year. It will largely concentrate on blockchain infrastructure, open finance, and digital applications with broad adoption potential.
The debut comes during one of the worst bear markets in crypto history, with Bitcoin and Ethereum selling at less than half of their previous highs.
However, it follows venture investor Andreessen Horowitz’s same attempt to take advantage of the crash’s cheap prices. In the previous month, the corporation launched a $4.5 billion fund.
BMAN, who co-founded Huobi Global with Du Jun, believes that crypto will have attracted at least a billion users by the next big cycle.
ABCDE, which stands for A Blockchain-Centric Development Ecosystem, will help its wards by using resources from prior BMAN and Jun projects.
We anticipate that cryptocurrency will reach 1 billion users in the next cycle, and we will continue to develop as usual.
Jun and BMAN are seasoned Web3 players who have worked on other projects.
However, although BMAN remains bullish on cryptocurrency, recent price drops have soured investor enthusiasm.
The failure of a high-profile initiative like Terra has prompted heightened scrutiny of cryptocurrency, with some authorities threatening to impose stringent regulations on the industry.
Recent turbulence sparked by the possible collapse of lender Celsius and hedge firm Three Arrows Capital has harmed sentiment even further. The collapse of both would have far-reaching ramifications for the cryptocurrency industry.