Asian VC firm Sora Ventures has announced it will relocate its business to Taipei, Taiwan in favor of “a very cryptocurrency-friendly environment.” Sora Ventures was previously based in Hong Kong and other areas in Asia.
Sora, however, is far from bearish on the Chinese cryptocurrency industry. Speaking recently by CryptoSlate SlateCast Sora Ventures Managing Partner Jason Fang said the Chinese cryptocurrency market “will eventually open up… when that happens, we want to be prepared for it.”
Sora Ventures’ move to Taipei is part of its ongoing strategy “to hire new staff and expand operations for a potential Fund 2.” The firm has historically made sound business decisions around investment, risk management, and the ability to time the market.
It was one of the first venture funds in Asia dedicated to blockchain digital and technical assets. However, as an early investor in Immutable, Origin Protocol and Casper Labs, along with 50 other web3-related companies, he has chosen to close most of his positions at the end of 2021.
Since then it has beenhave held USD for over a year, making very conservative bets about the founders [Fang] he knew personally and had solid experience in the industry.
Fang spoke to CryptoSlate to provide insight into Taiwan’s move. Currently, Sora manages over $70 million in assets as one of the “leanest blockchain funds in Asia to implement a hybrid strategy tailored to the Web3 environment.” Zanna said:
“Our biggest advantage today is that we are probably one of the oldest funds in Asia to have it data on our fund’s performance on a monthly basis since the yearJuly 2018.
Self you’re seeing what’s been going on in our industry lately, the real problem with operating funds really it boils down to 2 things: transparency and discipline.”
Fang further explained that Sora’s investors are up by “several multiples” and that the firm’s most crucial aspect is risk management by aiming for 3-4x current returns. In conclusion, Fang commented on it
“We played well every hand Last 2 years, and now we’re looking to finish strong and reward our investors for sticking with us since 2018.”
Disclosure: Sora Ventures is an investor in CryptoSlate as of 2022.