A new Chinese blockchain fund has $1.6 billion out there to make investments in impressive startups – 30 % of which is backed by a city federal government.
Dubbed Xiong’An World wide Blockchain Innovation Fund, the new initiative was announced Monday at the opening ceremony of a new Blockchain Industrial Park in Hangzhou – a Chinese city famous for its assist for innovation and which performs host to major providers these types of as Alibaba.
According to a report from Sohu, when the fund has been introduced by Hangzhou-centered venture money firm Tunlan Financial investment, it will see in excess of $400 million coming from the Hangzhou city federal government as a guided fund that will be utilized to make investments in promising blockchain assignments. The industrial park will also act as an incubation heart for the startups.
The new fund will have Xu Xiaoping – founder of Zhenfund, a venture money company that has invested in blockchain assignments these types of as Stream and Lino – as its advisor. Li Xiaolai, a noteworthy blockchain investor and bitcoin tycoon in China, has been appointed a manager of the fund.
The new fund marks the most current work from Chinese federal government entities in having the guide on blockchain growth initiatives in the place.
It notably also comes just weeks after a federal government-led financial commitment affiliation in China scrapped a plan to establish a blockchain funding heart because of to interior structural conflicts.
Meanwhile, a federal government-led investigation body that is also centered in Hangzhou just lately introduced a blockchain system for identity and provide-chain monitoring, according to a report by CoinDesk in March.
Hangzhou image by way of Shutterstock