High net worth investors in Asia are piling into crypto, adding to a market long dominated by retail users across India, Indonesia, Vietnam and beyond.
Wealthy families and family offices across Asia are increasing their cryptocurrency allocations, with some planning to allocate around 5% of their portfolios to the asset class. Reuters first reported the trend, which noted a wave of demand from high-net-worth individuals across Singapore, Hong Kong and mainland China.
Wealth managers told Reuters they are receiving more enquiries from clients, while cryptocurrency exchanges have reported rising trading volumes and new crypto funds are drawing strong demand.
Jason Huang, founder of NextGen Digital Venture, said his company raised over $100 million in just a few months for a new long-short crypto equity fund launched in Singapore in May. His previous fund, which wound down last year, returned 375% in less than two years.
