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HKEX-listed tech agency launches $15M Bitcoin fund

08 Nov 2023
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Linekong Interactive, a gaming and movie manufacturing firm headquartered in Beijing and listed on The Stock Exchange of Hong Kong (HKEX), is allocating $15 million to put money into tasks constructing on the Bitcoin community.

Wang Fang, the founding father of Linekong, mentioned in a Nov. 8 tweet that the fund, dubbed “BTC Subsequent,” will probably be used to speed up rising tasks within the Bitcoin ecosystem, together with “asset issuance protocols, buying and selling markets, enlargement, digital machines, NFT, RWA, and GameFi.”

For preliminary efforts, the agency would “take part within the analysis and funding of Bitcoin community ecological belongings as early as attainable,” publish its funding portfolios, and replace the listing of Bitcoin ecological crypto belongings. “The panoramic curtain of the Bitcoin community ecology has slowly unfolded,” BTC Subsequent wrote. Historically, Bitcoin lacked the programmability related to newer blockchains reminiscent of Ethereum, remaining for many intervals largely unchanged from its invention in 2008. 

Nonetheless, the Bitcoin ecosystem has expanded tremendously this 12 months with the invention of Ordinals and Inscriptions, two novel knowledge storage strategies that collectively, enable customers to mint distinctive digital belongings on the Bitcoin blockchain. 

In June, cross-chain pockets BitKeep (now Bitget Pockets) added deposit and withdrawal support for BRC-20 Bitcoin tokens modeled on the Ethereum ERC-20 customary. On November 7, Binance listed common BRC-20 token Ordinals (ORDI), inflicting its worth to surge greater than 40% in a single day. BRC-20 tokens have altogether reached $1.36 billion in market cap since their inception. 

Based in 2007 in Beijing as an internet gaming agency, Linekong Interactive first went public in Hong Kong in 2014. Earlier than founding Linekong, Wang Feng was a vp of software program growth at Kingsoft Software program, a Chinese language IT conglomerate. 

Feng resigned as CEO of Linekong in 2018 to concentrate on blockchain, founding a number of tasks within the nonfungible tokens, decentralized finance, and Bitcoin mining area. He returned to Linekong as CEO in 2022 after an invite from the agency’s board of administrators to higher combine Linekong merchandise with Web3.

Associated: Swiss crypto bank SEBA gets Hong Kong SFC license