500 Million CNY Government-Guided Blockchain Fund Launched In Shenzhen after Hangzhou
April 22, Shenzhen – A 500 million Chinese yuan ($80 million) venture fund for blockchain startups was launched in Shenzhen, a first-tier city near Hong Kong renowned as an economic hub of China. It is the first blockchain fund officially initiated in Shenzhen.
The initiative was announced at a blockchain expo organized by China Electronic Commerce Association under the guidance of the Ministry of industry and Information Technology. The scale of the first phase funding is 500 million CNY for the moment, of which, 40 per cent comes from government–guided funds. It is believed there may be continuous funding.
It is another government-supported blockchain fund after a $1.6 billion government-backed blockchain fund launched in Hangzhou in early April.
The fund will be jointly operated by government officials and professionals with rich experience and resources in both fields of traditional finance and blockchain. It aims to build a “closely-connected” ecological blockchain community under the guidance of the government, at the same time to discover and incubate high-quality blockchain projects.
Blockchain has been a buzzword in these years drawing increasing attentions from all regions and industries. Governments’ support is indeed a great boost to this sector.