VinaCapital Ventures, the technology investment platform of VinaCapital Group, on December 21 announced that it has invested in Hub Global JSC, a blockchain eco-platform that is focused on supporting the development of promising Vietnamese startups creating blockchain solutions across a range of verticals.
The terms of the investment were not disclosed, although VinaCapital Ventures will become Hub Global’s largest external shareholder and will have a seat on its Board of Directors.
|The founders of Hub Global |
Hub Global JSC was founded in 2021 by Linh Han, CEO at VSV Capital and a member of the Forbes “30 under 30” in Asia list; Bryan Pelz, CEO of Xtab Xtudios and a former co-founder and current board member of VNG; and Hai Bui, co-founder of VCC Holdings and former head of Business Technology Transformation at Techcombank and Kyber Network.
Hub Global JSC is focused on three key areas: incubator/accelerator, blockchain community and sandbox, and blockchain investment fund, backed by 10 limited partners and several reputable entrepreneurs, the fund has recorded a profit of 5x its initial investment after just three months of operation.
Trung D. Hoang, partner at VinaCapital Ventures, commented, “It is clear that blockchain has enormous potential far beyond cryptocurrency, and Vietnamese startups are already making inroads in developing blockchain solutions in a number of applications. We are excited to invest in Hub Global JSC and look forward to working with its team, which has a diverse range of experience and a track record of successfully setting up and commercialising large-scale blockchain projects.”
The Vietnamese government is promoting the development of blockchain technology, recognising its many potential applications across sectors such as financial services, supply chain, real estate, gaming, software-as-a-service, and big data.
It has created clear guidance around how digital/tokenised assets might be used. Nevertheless, corporate digitalisation and mainstream adoption in Vietnam still lags other markets, creating strong growth opportunities in the years ahead.