New $1.6B Worth Chinese Blockchain Fund to Launch

Dubbed Xiong'An Global Blockchain Innovation Fund will be supported by the Hangzhou city government
09 April 2018   560

New fund from China has $ 1.6 bilion to invest in startups; 30% of funds backed by a city government. This is reported by Coindesk.

New initiative named Dubbed Xiong'An Global Blockchain Innovation Fund was annouced at the opening ceremony of a new Blockchain Industrial Park in Hangzhou. This Chinese city is a hot to major companies such as Alibaba.

The fund was launched by the Hangzhou-based venture capital firm Tunlan Investment; additionally, more than $400 million comes from the Hangzhou city government. The industrial park itself will act as an incubation center for the startups.

Fund will be powered with skilled workers: 

  • Xu Xiaoping - founder of Zhenfund, a venture capital firm that has invested in blockchain projects such as Stream and Lino - as advisor;
  • Li Xiaolai, a notable blockchain investor and bitcoin tycoon in China, has been appointed a manager of the fund

The new fund shows the Chinese government entities latest effort in taking the lead on blockchain development initiatives in the country.

SEC to Need More Info on BTC ETF

SEC is gathering more input from the public – to date, according to the agency, more than 1,400 comments have been submitted
21 September 2018   145

The US Securities and Exchange Commission (SEC) announced the beginning of a formal process for considering the application for the creation of bitcoin-ETF from the New York companies VanEck and SolidX. Nevertheless, the agency appealed to the community for more information. This is stated in the document published on the SEC website.

Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, as described below, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.

The US Securities and Exchange Commission

At the moment, the SEC received about 1,400 comments.

According to the document, the Chicago Board Options Exchange (CBOE) has signed an agreement on the exchange of data on bitcoin transactions, trading and the state of the market with the cryptocurrency trading platform with Gemini.

The agency asked commentators to clarify the position of Gemini in the digital currency market and assess the likelihood of increased volatility at this site in connection with possible trades of bitcoin-ETF.

So, before September 30, the department had to decide on whether to approve, deny or initiate the proceedings. The SEC chose the latter, which is likely to delay the process until the next year.