Government-backed $1.6B blockchain fund launches in China

Government-backed $1.6B blockchain fund launches in China

"The fund size was 10 billion yuan, of which the government guided fund invested 30% in the first phase for investment". 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.

A group of A-shares, those listed on mainland stock exchanges, are due to be included in MSCI's emerging markets index later in the year, giving passive traders from around the world the opportunity to invest in Chinese companies.

Last year, China banned ICOs, which will allow cryptocurrency startups to raise funds by selling off future tokens. This website does not provide legal, investment, tax, etc advice. These experts include Xu Xiaoping of Zenfund, the company behind the funding for Stream and Lino.

Blockchain investor Li Xiaolai has been appointed as manager of the fund and will be charged with investing the cash into blockchain projects with high potential for returns. Thirty percent of the funding comes from the government of the city of Hangzhou.

Organizers of a Chinese Blockchain conference that police suddenly shut down have denied rumors they invited a suspected fraudulent Initial Coin Offering (ICO) to the event, local news outlet YMTMT.com reported Thursday, April 12.

This fund represents the latest attempt on Chinas behalf to seize the initiative on blockchain as a technology and asset.

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