The HKEX-listed tech company launched a $15 million Bitcoin fund
Linekong Interactive, a game and film production company based in Beijing and listed on the Hong Kong Stock Exchange (HKEX), has allocated $15 million to invest in projects that build on the Bitcoin network.
Linekong founder Wang Fang announced on Twitter on Nov. 8 that the fund, dubbed “BTC Next,” will be used to accelerate emerging projects in the Bitcoin ecosystem “including asset delivery protocols, trading markets, expansion, virtual machines, NFT, RWA, and GameFi.” .
For the first efforts, the company will “engage in the research and investment of the ecological assets of the Bitcoin network as soon as possible”, publish investment files and update the list of Bitcoin ecological crypto assets. BTC Next writes that “the panoramic curtain of the Bitcoin network ecosystem has gradually opened.” Traditionally, Bitcoin has not changed much since its creation in 2008 and has for the most part lacked the programming capabilities associated with newer blockchains like Ethereum.
However, the Bitcoin ecosystem has expanded significantly this year with the introduction of tokens and writes, two novel data storage methods that combine to allow users to create unique digital assets on the Bitcoin blockchain.
In June, cross-chain wallet BitKeep (now Bitget Wallet) added deposit and withdrawal support for BRC-20 Bitcoin tokens modeled on the Ethereum ERC-20 standard. In the year On November 7, Binance listed the popular BRC-20 token Ordinals (ORDI), which saw its value increase by more than 40% in one day. BRC-20 tokens have reached a total market capitalization of $1.36 billion since their inception.
Update / This issue has been brewing in my mind for 100 days. We are about to launch BTC Next. The next step in the crypto market is indistinguishable from the Bitcoin network refresh. Linekong Interactive's growth has seen its ups and downs.In that time, it has come together with personal computers, smartphones, the Internet and games. Our next step should be closely related to the development of the Bitcoin network.
————————————————————————————
— Xiaoyin's New Decade (WangFeng) (@wangfeng_0128) November 8, 2023
In the year Founded in Beijing in 2007 as an online game company, Linekong Interactive first went public in Hong Kong in 2014. Before working at Linekong, Wang Fung was the vice president of software development at Kingsoft Software, a Chinese IT conglomerate.
Feng became the CEO of Linekong in 2018 to focus his work on blockchain, founding several projects in the blockchain, decentralized finance and Bitcoin mining space. He returned to Linekong as CEO in 2022 after an invitation from the company's board of directors to better integrate Linekong products with Web3.
Related: Swiss Crypto Bank SEBA Receives Hong Kong SFC License
