HONG KONG, Oct. 24, 2023 /PRNewswire/ -- Summer Capital Limited ("Summer Capital"), a leading investment management and advisory firm with a presence in Hong Kong and Southeast Asia, today announced its intention to host nodes on Zetrix, a public blockchain platform that operates the international supernode of China's national blockchain, Xinghuo BIF.
This investment comes at a time of significant development for the digital assets and blockchain industry in Hong Kong. In June 2023, the Hong Kong Securities and Futures Commission (SFC) introduced a new regulatory framework for virtual asset trading platforms which is expected to further boost the adoption of cryptocurrencies in the city. The government of Hong Kong has also established the Task Force on Promoting Web3 Development, aiming to foster the adoption of blockchain technology in finance, trade, business operations and other consumer applications.
Zetrix is well-positioned to capitalise on this growth, given its unique focus on enabling global trade through its connection to Xinghuo BIF. Developed by the Chinese Academy of Information & Communication Technology ("CAICT"), a state owned research institute under the Ministry of Industry and Information Technology, Xinghuo BIF is China's national blockchain infrastructure and facility that provides a secure and reliable platform for businesses and governments to develop and deploy blockchain applications.
By connecting to Xinghuo BIF, Zetrix provides users with access to China's immense digital economy. This makes Zetrix an ideal platform for businesses that are looking to expand their operations into China or to trade with Chinese partners.
"We are excited to partner with Zetrix to help them achieve their mission of enabling global trade, leveraging access to China's national blockchain, Xinghuo BIF," said Joseph Chee, Chairman of Summer Capital. "With Zetrix building the foundational tools for the adoption of blockchain technology by industries, we believe that they are well-positioned to catalyse the next wave of web3 innovation."
Summer Capital, together with its affiliated entities, count several market leading startups within their portfolio especially in Hong Kong, including Asia's leading regulated virtual asset service provider Hashkey Group, Web3 leader in establishing digital property rights and open metaverse Animoca Brands, and SEBA Bank, which recently received approval-in-principal licenses from the Securities and Futures Commission to offer virtual asset services in Hong Kong.
"We are honoured to have Summer Capital as our strategic partner" said TS Wong, Co-Founder of Zetrix. "Summer Capital's portfolio and proven track record of investments in leading web3 companies will bring tremendous value. Leveraging on their presence and network in Hong Kong will help us achieve the stated objectives of Zetrix."
About Summer Capital
Summer Capital is a leading investment management and advisory firm with presence in Hong Kong, China mainland and South East Asia and dedicated to invest in early and growth stage companies in "new economy" sectors such as fintech, blockchain infrastructure and application, consumption technology and healthcare. Summer Ventures, an affiliate of Summer Capital Limited, is an institutional venture fund dedicated to promote and invest in "real world application" of blockchain technology and infrastructure, leveraging Summer Capital's past experience of investments in blockchain and fintech industries since 2018.
About Zetrix
Zetrix is a layer-1 public blockchain that facilitates smart contracts and delivers privacy, security and scalability. Zetrix's cryptographic infrastructure can be introduced to multiple industries to connect governments, businesses and their citizens to a global blockchain-based economy.
Developed by MY E.G. Services Bhd, the cross-border and cross-chain integration with China enables Zetrix to serve as a blockchain gateway that facilitates global trade by deploying critical building blocks for Web3 services such as Blockchain-based Identifiers (BID) and Verifiable Credentials (VC).
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