China launched a new Fund with a volume of 1.6 billion dollars for investment in innovative startups. Moreover, 30% of these funds provided by the city authorities.
A Fund called Xiong’An Global Blockchain Innovation Fund – an initiative announced Monday at the opening ceremony of the new Blockchain Industrial Park in Hangzhou. This city in China have long been known for its support of innovation, it has established many technology companies, including Alibaba.
According to Sohu, while the Fund was launched venture company Tunlan Investment, also located in Hangzhou, more than $ 400 million came from the city government. The main objective of the Fund is investments in promising blockchain projects. Blockchain Industrial Park will also act as an incubator for startups.
Adviser to the new Fund will be Xiaoping Xu (Xu Xiaoping), the founder of venture capital firm Zhenfund, which has invested in projects such as Stream and Lino. Fund Manager appointed Saoli (Li Xiaolai), known blockchain Chinese investor and bitcoin Mogul.
The new Fund marks the last efforts of the Chinese government to support and monitor the development of the industry of the blockchain in the country. In mid-March, it was reported that the Chinese authorities consider the establishment of national standards to encourage the development of blockchain technology and distributed registry in the country. In addition, more and more Chinese companies are using the blockchain in their work — recently it became known that the Chinese petrochemical giant Sinochem Group has used the blockchain to export goods.