Sino Global Capital Launches $200M Fund Backed by FTX

Chinese crypto venture capital firm Sino Global Capital is launching a $200 million fund, backed by derivatives exchange FTX.

• The news was first reported by The Block early on Monday. Sino Global confirmed the news to CoinDesk in an official statement.

• The fund, dubbed Liquid Value Fund I, is hard-capped at $200 million, the statement said. Most of that has already been committed by partners like FTX, according to The Block.

• Liquid Valve Fund I will invest in DeFi, Web 3.0 and “mass consumer protocols” on Solana and Ethereum ecosystems, and will focus on projects in Asia and particularly India, according to the statement.

• Sino Global’s CEO Matthew Graham tweeted earlier in October that they were looking for interns-to-hire in India.

• Beijing-based Sino Global has invested in over 20 crypto projects according to the statement, including FTX, Solana, Serum and Mask Network.

• Some of the VC’s existing investments will be purchased by the new fund at cost (i.e., what Sino Global paid for it, not the current market price), including LayerZero, Orca and Clearpool, according to the statement.

• It is the first time the VC is accepting outside capital to make investments, according to the statement.

• FTX raised $420 million in a Series B-1 last week, following its $900 million in July.

UPDATE (Oct. 25, 13:33 UTC): Updated with information in the sixth bullet point.