BMAN and Huobi Co-founder Form $400M Web3 Fund

BMAN Lee, core contributor of the developer community BeWater, and Jun Du, co-founder of Huobi Group, have formed ABCDE Capital, a $400 million Web3 fund.

ABCDE means A Blockchain-Centric Development Ecosystem. BMAN stated in a Twitter thread that the goal for this year is to support 10 to 20 CEOs, with a focus on blockchain infrastructure, open finance, and digital apps used at scale. Today, crypto has 300 million users and BMAN and Jun Du believe that in the next cycle crypto will reach over 1 billion users.

Both Jun Du and BMAN are already established players in Web3, with several other projects also under their belt.

Apart from virtual currency trading platform Huobi, Jun Du also founded the biggest crypto media outlet in Asia, Jinse Finance, and co-founded blockchain SaaS company ChainUp. Previously, BMAN co-founded Lijiaoshou in 2015, one of the top marketing content companies in China, and which was acquired by tech giant Baidu in 2017. BMAN has advised and incubated more than a dozen blockchain projects since 2013.

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