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Asia Crypto

Crackdown Fails to Stop China’s Crypto Gold Rush

Over a meal of steamed buns at a Shanghainese restaurant in downtown Hong Kong, five friends plotted how to build a cryptocurrency empire.

All were born in China and spent time studying abroad. The oldest is 29. Two left college early and raised $30 million for their blockchain fund. Three others quit high-power banking jobs to launch a $10 million fund specializing in virtual currencies. And none of them appears worried that China’s recent regulatory clampdown will thwart their plans to invest in digital currency, found blockchain-based businesses or build a cryptocurrency trading colossus.

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“I want to be part of this great social experiment. It’s already changed the way people invest now,” Mr. Fu said. “If crypto will be the biggest wave, I want to sit on the front row to watch it.”

--Shai Oster contributed to this article.

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