At the storage market summit held at the end of last year, Roland Sun, a partner of Fenbushi Capital, delivered a keynote speech, announcing the cooperation with Protocol Labs, and invested 15 million US dollars to promote the development of the IPFS and Filecoin ecosystem. V|jasonbody
Fund details
Fenbushi plans to raise 15-20 million US dollars, and is committed to raising and deploying FIL instead of all funds in stablecoins or other encrypted assets. Fenbushi has invested $1 million in the fund with other limited partners.
Fenbushi expects three sources to be used to determine the objectives of investment transactions:
- Slingshot program: It is expected that the Slingshot program initiated by Protocol Labs will provide a powerful channel for potential investment. At present, the first phase of Slingshot has ended, and more than 100 projects have submitted applications.
- LongHash Filecoin Frontier Accelerator: Singapore-based LongHash Ventures recently announced a 12-week Filecoin Frontier Accelerator. Fenbushi and LongHash have been working closely in the past few years, and Accelerator's more than 150 applications are expected to bring potential investment transactions to the Fenbushi Ecosystem Fund.
- Chinese community: The Chinese community is not only interested in mining. There are many teams in China using IPFS and Filecoin to develop applications. We have seen prototypes from some of these teams and expect that trading opportunities will increase.
Fenbushi Capital will be responsible for all aspects of financial management related to the Fenbushi Ecosystem Fund, and Protocol Labs will assume the role of technical consulting. The fund charges a 2% management fee and 20% interest every year for a period of 5 years. Fenbushi's investment will include global tokens and equity investments, and the fund will not be limited to any specific jurisdiction.
Fund background
In 2017, Fenbushi invested heavily in Filecoin during the public sale. Since then, Feixi has been providing equity to Chinese miners to help them develop their mining capabilities. Fenbushi also served as an early investor in Ethereum. After observing the growth of Ethereum in the past five years, Fenbushi aims to similarly participate in the construction of the Filecoin ecosystem through the Ecosystem Fund.
An interesting fact is that Filecoin is more famous and most popular than Bitcoin in China's "third-tier" and "fourth-tier" cities. Distributed storage system technology has become a trend, not just a fashion. Many important companies have begun to adopt the IPFS ecosystem in their data storage business.
Fenbushi's goal is to close the fund by early February and launch it in March 2021.