US crypto VC firm CoinFund expands in Asia after first hire in Hong Kong, with clear regulations a pull factor
- Eight-year-old CoinFund is seeing more crypto trading and more crypto entrepreneurs coming from Asia
- The VC firm’s move comes after Hong Kong recently implemented a regulatory framework for virtual assets
New York-based cryptocurrency-focused venture capital (VC) firm CoinFund is expanding in Asia after making its first hire in Hong Kong, as US regulatory headwinds drive some crypto firms to set up shop in the region and after the city rolled out the red carpet for virtual asset businesses.
Eight-year-old CoinFund is seeing more crypto trading and more crypto entrepreneurs coming from Asia, where the firm is hoping to expand its reach, Dmitry Lapidus, CoinFund’s newly-appointed senior liquid analyst based in Hong Kong, said last week in an interview with the Post.
“The big trend we’re seeing is capital flowing out of the US and going predominantly global, and a lot of that has come to Asia,” said Lapidus, who has been tasked with building out the firm’s presence in the region.
The VC firm’s move comes after Hong Kong recently implemented a regulatory framework for virtual assets. In the US, crypto firms have complained about a lack of clear cryptocurrency regulation after authorities ramped up enforcement actions targeting the sector.
US cryptocurrency VC firm Hivemind Capital Partners earlier this month also expanded to Hong Kong with the appointment of a new head of Asia, according to crypto-focused news outlet The Block.