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Chinese crypto venture capital firm Sino Global Capital is launching a $200 million fund, backed by derivatives exchange FTX.

• The news was first reported by The Block early on Monday. Sino Global confirmed the news to CoinDesk in an official statement.
• The fund, dubbed Liquid Value Fund I, is hard-capped at $200 million, the statement said. Most of that has already been committed by partners like FTX, according to The Block.
• Liquid Valve Fund I will invest in DeFi, Web 3.0 and “mass consumer protocols” on Solana and Ethereum ecosystems, and will focus on projects in Asia and particularly India, according to the statement.
• Sino Global’s CEO Matthew Graham tweeted earlier in October that they were looking for interns-to-hire in India.
• Beijing-based Sino Global has invested in over 20 crypto projects according to the statement, including FTX, Solana, Serum and Mask Network.
• Some of the VC’s existing investments will be purchased by the new fund, including LayerZero, Orca and Clearpool, according to the statement.
• It is the first time the VC is accepting outside capital to make investments, according to the statement.
• FTX raised $420 million in a Series B-1 last week, following its $900 million in July.

Read more: FTX Raises $420,690,000