Shenzhen, China Backs $79 Million Fund To Support City's Blockchain Startups

The launch of a 500 mln yuan Blockchain venture capital fund for Chinese city Shenzhen was announced at a Blockchain Expo held in the city, local news outlet Sohu reported yesterday, April 22.

Yesterday's announcement at the China Electronic Commerce Association-hosted Expo stated that the Shenzhen Angel Investment Guidance Fund, an almost $8 bln fund launched in late March, will contribute 40 percent.

The fund will be managed by Donghai and Star Capital, two investment funds controlled by the State-owned Assets Supervision and Administration Commission of the State Council.

Sohu reports that the Blockchain technology iniative by the Chinese Academy of Sciences and the Shenzhen Institute of Innovation and Development will collect over 100 Blockchain seed projects to invest in as the incubation project for the venture capital fund.

Earlier in April, a $1.6 bln Blockchain innovation fund was launched in the Chinese city of Hangzhou during the opening of the Hangzhou Blockchain Industrial Park.

The Xiongan Global Blockchain Innovation Fund has 30 percent of its financing covered by the Yuhang District Government.