Blockchain Ventures Take Center Stage in Shenzhen
In a bold move to bolster its digital economy, Shenzhen has launched a new Blockchain venture capital fund worth 500 million yuan, approximately $79 million. This exciting announcement came during the Blockchain Expo hosted by the China Electronic Commerce Association, signaling a strong commitment towards embracing innovative technology.
Government Backing: A Recipe for Success
The Shenzhen Angel Investment Guidance Fund, which boasts a massive size of nearly $8 billion, is stepping forward to contribute a substantial 40 percent to this new fund. This indicates that local authorities are keen on nurturing early-stage insights in the blockchain arena. The involvement of Donghai and Star Capital, both managed by the State-owned Assets Supervision and Administration Commission of the State Council (SASAC), adds a layer of credibility and oversight to the fund’s operations.
The Focus of the Fund: Seed Projects Galore
What sets this fund apart is its ambitious goal to incubate an array of blockchain innovations. The fund aims to gather over 100 seed projects to invest in. This initiative is being spearheaded in collaboration with the Chinese Academy of Sciences and the Shenzhen Institute of Innovation and Development, highlighting a strong public-private partnership dedicated to fostering progress in blockchain technologies.
A Regional Trend: Hangzhou Joins the Party
Shenzhen isn’t alone in this race; just earlier this month, Hangzhou launched its own blockchain innovation fund worth a jaw-dropping $1.6 billion during the opening of the Hangzhou Blockchain Industrial Park. The Xiongan Global Blockchain Innovation Fund was noted for securing financial support from the Yuhang District Government, revealing a regional trend where cities are rallying behind blockchain initiatives.
The Future of Blockchain in China
With this influx of capital and government support, the future of blockchain innovation in China looks brighter than ever. As Shenzhen and Hangzhou embark on their journeys to become Blockchain powerhouses, the local investment landscape is poised for some groundbreaking developments. Keep your eyes peeled; we might just be witnessing the dawn of a Blockchain revolution!
