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China plans to fortify Web3 in 2024 through a substantial $10 billion investment fund

China's premier venture capital firm, "GBA Capital," has initiated an impressive $10 billion investment fund dedicated to fortifying Web3 startups. Unveiled at the Guangdong-Hong Kong-Macao Greater Bay Area Digital Economy Development Conference, the fund is strategically designed to empower innovative sectors such as VR, the Metaverse, and NFTs.

With a strategic vision to elevate the Guangdong-Hong Kong-Macao region to a leading position in the meta-asset landscape, GBA Capital aims to organize "meta-asset global tours" in major cities worldwide. These initiatives will showcase the advantages of digital assets, positioning the region as a formidable Web3 powerhouse.

In alignment with these goals, "Zhongrong Global," a part of the GBA group, secured a noteworthy 100 million Chinese yuan (approximately $14 million) in angel funding earlier in the year. This funding is earmarked to propel forward the development of Web3 projects, contributing significantly to the burgeoning Web3 sector in China.

These strategic investments come on the heels of notable developments in the Asian Web3 landscape, including companies like Whampoa Digital and Wemade jointly raising a substantial $100 million fund dedicated to advancing blockchain gaming across the region.


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