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Government-backed $1.6B blockchain fund launches in China
The opening ceremony of the Hangzhou Blockchain Industrial Park in China was held on Monday, April 09, which also saw an announcement on the launch of the Xiong’An Global Blockchain Innovation Fund, Bitcoin Magazine reported referring to a report in Sohu.
The fund has been jointly funded by the Yuhang District Government, the Future Science and Technology City Administrative Committee, and the Hangzhou Yanqi Investment Management Co. According to CryptoCrimson, Hangzhou based VC firm Tunlan Investments kick-started the fund.
In its official release, Tunlan Investments said (loosely translated):
“The fund size was 10 billion yuan, of which the government guided fund invested 30% in the first phase for investment.”
During the event, ten blockchain projects were successfully contracted and settled in the Hangzhou Blockchain Industrial Park. The project covers blockchain community engines, digital asset trading services, blockchain cloud computing services, and blockchain information platforms, among others.
Angel investor Xu Xiaoping will serve as the fund’s advisor and well-known bitcoin investor Li Xiaolai will manage the fund.
Last month, reports suggested that the Investment Association of China (IAC) was setting up a funding center in a bid to support blockchain development efforts in the country. However, the efforts were quashed due to internal conflicts.