HKEX-listed tech firm launches $15M Bitcoin fund

Linekong Interactive, a gaming and movie accumulation institution headquartered successful Beijing and listed connected The Stock Exchange of Hong Kong (HKEX), is allocating $15 cardinal to put successful projects gathering connected the Bitcoin network.

Wang Fang, the laminitis of Linekong, said successful a Nov. 8 tweet that the fund, dubbed "BTC Next," volition beryllium utilized to accelerate emerging projects successful the Bitcoin ecosystem, including "asset issuance protocols, trading markets, expansion, virtual machines, NFT, RWA, and GameFi."

For archetypal efforts, the steadfast would "participate successful the probe and concern of Bitcoin web ecological assets arsenic aboriginal arsenic possible," people its concern portfolios, and update the database of Bitcoin ecological crypto assets. "The panoramic curtain of the Bitcoin web ecology has dilatory unfolded," BTC Next wrote. Traditionally, Bitcoin lacked the programmability associated with newer blockchains specified arsenic Ethereum, remaining for astir periods mostly unchanged from its invention successful 2008. 

However, the Bitcoin ecosystem has expanded greatly this twelvemonth with the invention of Ordinals and Inscriptions, 2 caller information retention methods that together, let users to mint unsocial integer assets connected the Bitcoin blockchain. 

In June, cross-chain wallet BitKeep (now Bitget Wallet) added deposit and withdrawal support for BRC-20 Bitcoin tokens modeled connected the Ethereum ERC-20 standard. On November 7, Binance listed fashionable BRC-20 token Ordinals (ORDI), causing its worth to surge much than 40% successful a azygous day. BRC-20 tokens person altogether reached $1.36 cardinal successful marketplace headdress since their inception. 

Founded successful 2007 successful Beijing arsenic an online gaming firm, Linekong Interactive archetypal went nationalist successful Hong Kong successful 2014. Before founding Linekong, Wang Feng was a vice president of bundle improvement astatine Kingsoft Software, a Chinese IT conglomerate. 

Feng resigned arsenic CEO of Linekong successful 2018 to absorption connected blockchain, founding respective projects successful the nonfungible tokens, decentralized finance, and Bitcoin mining space. He returned to Linekong arsenic CEO successful 2022 aft an invitation from the firm's committee of directors to amended integrate Linekong products with Web3.

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