Asian VC firm Sora Ventures has announced it is moving its business to Taipei in Taiwan in favor of “a very crypto-friendly environment.” Sora Ventures was previously based in Hong Kong and other areas of Asia.

Sora Ventures Moving to Taipei is a part of its ongoing strategy “to hire new staff and expand on operations for a potential Fund 2.” The firm has historically made solid business decisions regarding investments, risk management, and its ability to time the market.

It was one of the earliest venture funds in Asia dedicated to blockchain technical and digital assets. However, as an early investor in Immutable, Origin Protocol, and Casper Labs, along with 50 other web3-related businesses, it chose to exit most of its positions in late 2021.

Fang spoke to CryptoSlate to give insight into the Taiwan move. Currently, Sora manages over $70M in assets as one of the “leanest blockchain funds in Asia to deploy a hybrid strategy tailored to the Web3 environment.” Fang stated:“Our biggest advantage today is that we’re probably one of the oldest funds in Asia that have data on our fund performance on a monthly basis since early 2018.