Another Chinese City Backs A Big Blockchain Investment Fund

Another Chinese City Backs A Big Blockchain Investment Fund

Shenzhen, China, is backing a dedicated blockchain investment fund, after Hangzhou city supported a similar project.

It was announced at a blockchain event on Sunday hosted by the China Electronic Commerce Association. The fund aims to invest 500 million yuan ($80 million) in blockchain startups in Shenzhen during its first phase.

According to a report by Sohu, via a public-private partnership, 40 percent or $32 million of the fund will come from an angel fund that was launched in late March by the Shenzhen municipal government. The remainder will be led by the private sector.

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The angel fund has a total of 5 billion yuan ($800 million) to invest in the city’s startups, around 4 percent of which will now be allocated to local blockchain projects.

The day-to-day operation of the new fund will be managed by two state-owned investment firms, supervised by the city government commission that oversees all state-owned assets.

Culled from Coindesk

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