Chinese Partially Government Backed Blockchain Innovation Fund of $1.6 Billion Opens at Industrial Park

Chinese Partially Government Backed Blockchain Innovation Fund of $1.6 Billion Opens at Industrial Park

The Blockchain Innovation Fund worth around 1.6 billion dollars, was announced today on April 9 during the grand opening of Hangzhou Blockchain Industrial Park in China as reported my local news outlet.

The Global Blockchain Innovation Fund is partially financed by the Yuhang District Government. 30% of the total funds are “government guided”. Future Science and Technology City Administrative Committee, and the Hangzhou Haoyu Investment Management Co, will be in charge of managing these funds.

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10 blockchain projects from around the world were contracted at the opening ceremony of Hangzhou Blockchain Industrial Park, and the Zhejiang Shimang Blockchain Strategic Development Research Institute. Three blockchain related entities (the fund, industrial park, research institute) will be giving financial and academic support to the development of blockchain technology in Hangzhou.

The Blockchain Industrial Park opens a little over a week after plans of an International Chinese Blockchain Center was canceled over legal matters.

Many Chinese companies have supported blockchain, like retail giant JD.com and Bank of China, however the country has an overall strict stance on regulations.

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