China’s ‘Silicon Valley’ Launches First Blockchain VC Fund
Shenzhen, the ‘Silicon Valley’ of China, has launched the regions’ first blockchain-focused venture capital fund.
The fund, which launched April 22nd at the Chinese Universal Exposition & World’s Fair in Blockchain, aims to invest in more than 100 blockchain projects.
The initial size of the fund is approximately RMB 500 million (roughly $79.3 million USD), according to Bianews. The Shenzhen Angel Investment Guidance Fund contributed approximately 40% of the initial capital.
Despite China’s strict regulations on cryptocurrencies and initial coin offerings (ICOs), the fund will be managed by two state-owned investment funds. The investment funds – Donghai Capital and Hengxing Capital – operate under the Assets Supervision and Administration Commission of the State Council (SASAC).
The newly launched fund is yet another signal of China’s faith in Bitcoin’s underlying technology, blockchain.