Shenzhen government creates US$80 million fund for blockchain technology

24/04/2018

The announcement was made on April 22 at the Blockchain Expo in Shenzhen adding to funds already established in Hangzhou and Xiongan

 

According to Chinese news site Bianews, the Ministry of Industry and Information Technology in conjunction with the China Electronic Commerce Association hosted the Shenzhen expo that played host to exciting news – a strategic investment fund for blockchain startups in Shenzhen valued at US$800 million. The initial size of the fund is RMB 500 million, with the Shenzhen Angel Investment Guidance Fund contributing 40%. The remaining amount will be contributed by the private sector.

According to experts close to the matter, the fund has experience and resources in traditional and blockchain finance areas. A blockchain ‘roadshow’ hosted by the China Academy of Sciences and Shenzhen Institute of Deep Learning will bring together 100 blockchain projects to showcase for incubation via the VC fund.

 

Baidu, Alibaba, and Tencent are also investing in blockchain technology outside the gaze of crypto traders

 

Blockchain projects are being pushed in other areas of China as of late. In December 2016, blockchain was included as a strategic technology listed in Beijing’s Five-Year Plan.

On April 10, Hangzhou announced a Blockchain Industrial Park and an RMB 10 billion blockchain investment fund backed by Tulan and INBlockchain.

Guangzhou, Guizhou, and Guiyang also plan to enter the blockchain arena by providing funding for startups and innovation.

China’s big three tech companies – Baidu, Alibaba, and Tencent – are also battling over the blockchain space and B-a-a-S or Blockchain-as-a-Service products. Despite crackdowns on initial coin offerings and crypto trading by the central government, BAT are focusing on the research side of the technology.

 

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