Administration of Shenzhen supported the launch of the Fund for investment in blockchain startups

Authorities in the Chinese city of Shenzhen, after their colleagues in Hangzhou, was supported by the Fund for investment in blockchain startups.

This was announced Sunday at an event organized by China Electronic Commerce Association. The Fund intends to invest 500 million yuan (80 million dollars) in the blockchain startups in Shenzhen.

It is noteworthy that through public-private partnership 40% of funds or $ 32 million will come from the city Fund, which was launched in late March, the municipal government of Shenzhen. According to the report Sohu, the remaining funds will come from the private sector.

General funds city Fund amount to 5 billion yuan ($800 million) – the authorities intend to use them for investment in urban startups. About 4% of the funds will be used to Finance local blockchain projects.

The report says that the daily work of the new Foundation will be controlled by the two state investment firms under the supervision of the Commission of the city government, which controls all state-owned assets. While Junpu Liu (Liu Zhongpu), government official and Commissioner of the Advisory Commission of the authorities of Shenzhen, will act as adviser to the Fund.

The news comes two weeks after the city government of Hangzhou has supported
start-up Fund Xiong’An Global Blockchain Innovation Fund volume of 1.6 billion dollars for investment in innovative startups. Moreover, 30% of these funds provided by the city authorities.

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