• Former Huobi Executive Launches $25 Million Fund to Connect CeFi, DeFi, and the Metaverse

  • Former Huobi executive has launched the inaugural fund of a little-known venture capital firm backed by some of the industry’s top institutions.

    OP Crypto Capital Management Ltd., founded two months ago and announced Monday by former Huobi Capital senior investment director David Gan, aims to connect centralized and decentralized finance with the Metaverse.

    Gan was also a former managing director of Huobi Labs, the exchange’s blockchain incubator that launched in 2017.

    Huobi Ventures, Galaxy Digital’s Vision Hill, Bybit’s investment arm Mirana Ventures, The Brooker Group, and Digital Currency Group, CoinDesk’s parent company, have all invested in the company.

    According to OP Crypto, it intends to achieve its lofty goal by investing in projects that it believes will help shape the future of corporate governance and transfer power from centralized entities to content creators in the upcoming Web 3.0 ecosystem.

    In an interview with us, Gan stated that the firm’s fund had a soft cap of around $25 million but was oversubscribed by an amount that “should end up well above the initial soft cap mark.”

    OP Crypto Capital aims to assist founders in developing projects in their early stages. Gan, the fund’s founder, stated that he would work with, incubate, and assist projects during their early pre-seed stages.

    “OP crypto seeks to… fill the void left by some of the largest funds that are no longer interested in investing at the earliest stage,” Gan explained.

    The firm and its fund can assist a new project with product-market fit, token economics, and talent acquisition, among other things, with a focus on “bridging the gap” between the “Eastern and Western markets.”

    “There is currently a lack of a crypto venture capital firm here in the United States that has very in-depth ties to the Asian markets, given that I am the only solo Chinese general partner coming out of a major tier 1 exchange,” Gan explained. “The current team members of the fund bring experience and deep relationships at several exchanges, including Huobi, Binance, OKex, Republic, and Coinlist.”

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