After Initial Set Back, New Chinese State Blockchain Investment Fund Launches

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According to reports on April, 10, the ZXBSDRI (Zhejiang Xiongan Blockchain Strategic Development Research Institute) was launched in Hangzhou Blockchain Industrial Park, China. This initiative is aimed at synchronizing with previous moves recently reported via media platforms although it uses new players.

The new Zhejiang Xiongan Blockchain Strategic Development Research Institute is jointly funded via the XGBIF (Xiongan Global Blockchain Innovation Fund) which is an initial purse comprising of investments made by the Yuhang District Authority, the Hangzhou Yanqi Investment Management Company and the Future Science and Technology City Administrative Committee.

It is important to indicate that, local media had initially reported that about 30 percent of the investment fund was brought by the Yuhang District Authority, while the remaining funds will be run by the Hangzhou Xiongan Investment Management Company. Meaning that a total of $1.5 billion will be made available for investment into institutions seeking funding in the ever-growing blockchain space. Firms attempting to join the cryptocurrency exchange will benefit greatly from this initiative.

At the opening ceremony of the launch, separate blockchain startups attended from around the world, including those that focus on blockchain community engines, blockchain cloud computing platforms, digital asset trading services, and informational databases were, (as reported via a rough translation of the local media), contracted successfully and settled.

In collaboration with the new ZXBSDRI and Xiongan Blockchain Innovation Fund, the Hangzhou Blockchain Industrial Park, will function in concert, and provide the academic, industrial and financial foundation for the initiative moving forward.

The making of the new platform, in addition to offering ways to sort the range of distributed ledger research being done in China already, could specifically provide unique insight for policymakers when merged with work being navigated by the People’s Bank of the country’s Digital Currency Research Institute. Residents believe that China intends to make its own central bank virtual currency to compete in the cryptocurrency exchange and replace cash.

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