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.