Blockchain Tech

$1.6bn fund for Blockchain innovation launched in China

April 11, 2018


$1.6bn fund for Blockchain innovation launched in China

A $1.6 billion fund supporting Blockchain innovation was announced on April 9 during the opening of Hangzhou Blockchain industrial Park in China.

During the opening ceremony, 10 Blockchain projects from all over the world were launched and contracted.

According to CoinTelegraph, Xiongan Global Blockchain Innovation Fund is financed by the Yuhang District Government – 30 percent of the total funds are “government-guided” – the Future Science and Technology City Administrative Committee, and the Hangzhou Haoyu Investment Management Co, which will manage the fund.

Hangzhou Haoyu Investment Management is made up of Handan Investment and INBlockchain.

Xu Xiaoping, one of China’s most famous angel investors, will serve as the fund’s advisor. ZhenFund founded by Xu has invested in blockchain projects such as Stream and Lino. The fund will be managed by Li Xiaolai, a well-recognized Chinese Bitcoin investor.

In addition to the fund and the industrial park, a research institute will be involved in the activities of promoting and educating people about Blockchain technology.

This is an interesting development based on the fact that China is not very supportive of Blockchain technologies. Let us remind that Initial Coin Offerings (ICO) was banned in the country last autumn, “exchange-like services” in January and foreign exchanges in February.