$1.6 Billion Blockchain fund launched in China with the Government

After Initial Snag, New Blockchain Investment Fund With Chinese State Ties Launches

After Initial Snag, New Blockchain Investment Fund With Chinese State Ties Launches

A $1.6 Billion Xiong An Global Blockchain Innovation Fund was created in the city of Hangzhou.

The Chinese government contributed 30% of the funds for investment goal 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.

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

The Hangzhou Blockchain Industrial Park, in conjunction with the new Xiongan Global Blockchain Innovation Fund and ZXBSDRI, will function in concert, providing the academic, financial, and industrial foundation for the entire initiative moving forward. Thirty percent of the funding comes from the government of the city of Hangzhou.

At today's opening ceremony, ten separate blockchain startups from around the globe, including those focusing on blockchain community engines, digital asset trading services, blockchain cloud computing platforms, and informational databases were, per a rough translation of local media, "successfully contracted and settled".

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. It seeks to provide intellectual support as well, with the help of entrepreneurial advice.

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