China Backs $80 Million in Support of Bitcoin

In what appears to be another stride towards the advancement and adoption of Blockchain technology, the government of Shenzhen, China, is following the steps of Hangzhou city, by backing a Blockchain venture capital fund for the city.

The city of Hangzhou had earlier in April supported a $1.6 billion investment into Blockchain, through the launch of the Xiongan Global Blockchain Innovation Fund, 30 percent of which will come from the Yuhang District Government.

The launch of the investment fund was announced at the China Electronic Commerce Association-hosted Blockchain Expo which held in the city on Sunday, 22nd of April. According to local new outlet, Sohu, 500 million yuan (about $80 million) has been targeted at blockchain startups in the city.

As part of a public-private partnership, 40 percent ($32 million) of the investment funds will be provided by Shenzhen Angel Investment Guidance Fund – an $8 billion angel fund that was launched in late March. The remaining 60% will be provided by the private sector.

Two state-owned investments firms, Donghai and Star Capital have been saddled with the responsibility of managing the new fund. The firms will be supervised by the State-owned Assets Supervision and Administration Commission (SASAC), and local government official, Lui Zhongpu, will function as an adviser to the fund.

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