VinaCapital Ventures, the tech investment platform of Vietnam-based VinaCapital Group, has invested in local Hub Global JSC, a blockchain VC firm.
The investment size was not disclosed, but VinaCapital Ventures will become Hub Global’s largest external shareholder and will have a seat on its board of directors, the techinasia.com reported.
Hub Global supports the development of Vietnamese startups that create blockchain solutions across verticals.
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Founded this year by Linh Han, Bryan Pelz, and Hai Bui, Hub Global focuses on three key areas: an incubator or accelerator, the blockchain community, and a blockchain investment fund. Backed by 10 limited partners and several entrepreneurs, the fund recorded a profit worth 5x its initial investment after three months of operation, according to the company.
Vietnam’s government is promoting the development of blockchain technology. But mainstream adoption in the country still lags behind other markets, creating strong growth opportunities in the years ahead, stated VinaCapital Ventures.
“It’s clear that blockchain has enormous potential far beyond cryptocurrency, and Vietnamese startups are already making inroads in developing blockchain solutions in a number of applications,” said Trung D Hoang, partner at VinaCapital Ventures.