At the Blockchain Expo, held by the China Electronic Commerce Association, it was announced the creation of a 500 million yuan (about $ 79 million) venture capital blockchain fund for the Chinese city of Shenzhen. This is reported by Coindesk.
40% of these funds are invested by the Shenzhen Angel Investment Guidance Fund, which was launched in late March, managing $ 8 billion.
The new fund will be managed by two other investment funds, Donghai and Star Capital, which, in turn, are managed by the State Committee for Control and Management of State Property.
Chinese Academy of Sciences, together with the Shenzhen Institute of Innovation and Development, will organize an incubation blockchain project for the new venture fund, in which more than 100 blockchain projects will be seeded.