A new Chinese blockchain fund has $1.6 billion available to invest in innovative startups - 30 percent of which is backed by a city government.
Dubbed Xiong'An Global Blockchain Innovation Fund, the new initiative was announced Monday at the opening ceremony of a new Blockchain Industrial Park in Hangzhou - a Chinese city noted for its support for innovation and which plays host to major companies such as Alibaba.
According to a report from Sohu, while the fund has been launched by Hangzhou-based venture capital firm Tunlan Investment, it will see over $400 million coming from the Hangzhou city government as a guided fund that will be used to invest in promising blockchain projects.
The new fund will have Xu Xiaoping - founder of Zhenfund, a venture capital firm that has invested in blockchain projects such as Stream and Lino - as its advisor.
Li Xiaolai, a notable blockchain investor and bitcoin tycoon in China, has been appointed a manager of the fund.
The new fund marks the latest effort from Chinese government entities in taking the lead on blockchain development initiatives in the country.
It notably also arrives just weeks after a government-led investment association in China scrapped a plan to establish a blockchain funding center due to internal structural conflicts.
A government-led research body that is also based in Hangzhou recently launched a blockchain platform for identity and supply-chain tracking, according to a CoinDesk report in March.
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.
CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
$1 Billion Blockchain Fund Launches with Chinese Government Backing
Publié le Apr 9, 2018
by Coindesk | Publié le Coinage
Coinage
Nouvelles récentes
Voir tout
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.