Billion dollar Chinese innovation fund to support blockchain startups

A new Chinese blockchain fund has $1.6B available to invest in innovative startups, with 30% being backed by city government.

Named Xiong’An Global Blockchain Innovation Fund, the new initiative was announced Monday at the opening ceremony of a new Blockchain Industrial Park in Hangzhou – a Chinese city noted for its support for innovation and which plays host to major companies such as Alibaba.

The fund will be used to invest in promising blockchain projects. The industrial park will also act as an incubation center for the startups.


Write: Sara Bauer


 

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