Revo Digital Family Office, a nascent digital asset-focused multi-family office in Asia, has roped in new investors to support its expansion into new markets including Korea and Thailand.
Revo Digital Family Office, which was launched by Hong Kong- and Singapore-based multi-family office Raffles Family Office (RFO) in October 2022, welcomed four new investors including UOB Venture Management, a wholly-owned subsidiary of United Overseas Bank (UOB).
Singapore-based Signum Capital, which invests in distributed ledger technologies and crypto assets, digital asset exchange Gate.io, and an unspecified Korean single-family office also came on board, according to a statement by Revo Digital Family Office on Thursday.
The firm said that the proceeds will be used to advance the technological development of its platform and deepen market penetration in key Asian gateway cities including Hong Kong, Singapore, Shanghai, and Taiwan.
The investment will also finance its expansion into new markets, such as Korea and Thailand, it said.
“With their backing, we are optimally positioned to empower UHNW (ultra-high net worth) clients with access to digital asset-backed investments, thereby addressing an underserved area that currently exhibits significant demand,” said Ray Tam, CEO of Revo Digital Family Office.
“Moreover, we are strategically positioned for growth into emerging markets, including Korea and Thailand, characterized by robust digital asset engagement and unmet market demands,” said Tam.
About 26% of family offices globally are invested in cryptocurrencies, up from 16% in 2021, although the extreme market volatility in the past year has cooled their interest in crypto, according to estimates from a May 2023 report by Goldman Sachs.
But focus on the broader digital asset ecosystem remains, as 32% of the world’s family offices are invested in digital assets because of their “belief in the power of blockchain technology,” the report shows.
Revo Digital Family Office operates as a consolidated wealth management platform for UHNW investors to access and invest in digital assets. It leverages RFO’s expertise in servicing the UHNW sector, as well as the industry know-how and technologies from Hong Kong-listed crypto exchange Huobi Technology.
“As digital asset policies become increasingly favourable in key markets like Hong Kong and Singapore, our firm is committed to ensuring that our clients are active participants in this global shift, as well as preserving and growing their assets,” said Zann Kwan, who was made Revo Digital Family Office’s managing partner and chief investment officer last December.