Chinese Government contributes towards a Blockchain Fund worth $1 Billion – Blockchain News

Chinese Government contributes towards a Blockchain Fund worth $1 Billion - Blockchain News

The Chinese government has provided funding worth $1 billion for sponsoring blockchain technology startups. The new fund called “Xiong’An Global Blockchain Innovation Fund” was announced on Monday during the commissioning of a new Blockchain themed park in Hangzhou province.

The Chinese government contributed 30% of the funds for investment purpose while the Yuhang District Government, the Future Science and Technology City Management Committee, and Hangzhou Haoyu Investment Management Co., Ltd provided the rest totaling 10 billion Yuan.

Reports published by Sohu, a Chinese-based online news agency says that the $1 billion dollar funds will be launched by ventures capital firm Tunlan Investments which has its facility in Hangzhou province. The Hangzhou province is a noted for its support for innovation and has contributed $400 million for investment that shows potential. The new blockchain industrial park will be used as an incubation center for the startups.

SEE ALSO:   Ethereum founder Vitalik Buterin says Altcoin Valuations are Far Ahead of Accomplishments

According to the publication on Sohu’s website (translated from Chinese), the Li Xiaolai a renowned blockchain investor would head the enterprise as the manager while Xu Xiaoping CEO and Founder of Zhenfund a ventures capital firm would be appointed its advisor.

Other appointments include Hangzhou Xiongan Investment Management Co., Ltd would handle management of the funds. During the launching ceremony of the industrial park, ten blockchain related projects were nominated for funding. The project covers blockchain community engines, digital asset trading services, blockchain cloud computing services, and blockchain information. Platforms, digital asset quantification management platforms, and other blockchain vertical domains.

SEE ALSO:   NJ Bill Prohibit Firms Holding Virtual Currency From Lending Out Tokens

Blockchain Technology: China taking the Lead

With this fund, China will be hoping to consolidate its lead in blockchain innovation in the world. With 68 blockchain patent applications, The People’s Bank of China (PBOC) topped the list of the most patent filings for Blockchain technology to the World Intellectual Property Organization (WIPO) in 2017. Another Chinese entity, Alibaba came second, with 43 patent filings in the list which saw China produce more than half of the entire applications.


Legal Disclaimer: The content of this website (smartereum.com) is intended to convey general information only. This website does not provide legal, investment, tax, etc advice. You should not treat any information on smartereum.com as a call to make any particular decision regarding cryptocurrency usage, legal matters, investments, taxes, cryptocurrency mining, exchange usage, wallet usage, initial coin offerings (ICO), etc. We strongly suggest seeking advice from your own financial, investment, tax, or legal adviser. Neither smartereum.com nor its parent companies accept responsibility for any loss, damage, or inconvenience caused as a result of reliance on information published on, or linked to, from smartereum.com.

SEE ALSO:   Walmart may soon store payment info on Blockchain - Blockchain Technology News

Leave a Comment

Get Smart About Crypto!


Promise we won’t spam you!

We Are Hiring

Click here if you would like to join one of the fastest growing blockchain news companies in the world!