Topic: Chinese authorities took part in the creation of the Fund (Read 52 times)

In China created a blockchain-Fund having at its disposal $1.6 billion 30% of these funds, which the creators intend to invest in innovative startups, have identified the municipal government of Hangzhou. The project, dubbed the "Xungang global blockchain innovation Fund", was announced on April 9 at the opening ceremony of the blockchain Industrial Park in Hangzhou. Hangzhou city, the administrative center of Zhejiang province, is famous for its support of innovative projects. It is there that many large companies, such as Alibaba, are located. The new area of Xungang is a special economic zone 100 km South-West of Beijing, which will be three times the size of new York. The Chinese authorities are now actively working on its creation. President XI Jinping said that Xungang will become "a demonstration platform for innovative development, which should give priority to environmental protection and improve the welfare of people." According to the news channel Sohu, the Fund was created by the venture company Tunlan Investment, the headquarters of which is located in Hangzhou. The city authorities have allocated $400 million for the development of the Fund, the purpose of which is to invest in promising blockchain projects. Blockchain industrial Park will become an incubation center for startups. Consultant of the new Fund will be Xu Xiaoping, founder of the venture company Zhenfund, which invested in blockchain projects such as Stream and Lin. The Manager was appointed prominent Chinese investor and bitcoin tycoon Li Xiaolai. "The global Fund blockchain innovation of Sumana" was another step by the Chinese government, which is trying to lead the development of the blockchain in the country. It is noteworthy that the new project was announced a few weeks after the government Association of investors abandoned the plan to create a center for financing the blockchain because of internal contradictions.

Source whattonews.ru