Called the innovative fund Xiong'An Global Blockchain Innovation Fund, the news was announced on Monday at the opening ceremony of Blockchain's new industrial park in Hangzhou, a Chinese city that celebrated its support for innovation and which involved such big companies as Alibaba.
According to the Sohu report, as soon as the fund was launched by the Hungarian company Tunlan Investment, based in Hangzhou, he saw more than $ 400 million from the Hangzhou city government to manage the fund, which will be used to invest in promising projects of blockages. The park will also act as an incubation center for start-ups.
The new fund will be Xu Xiaoping, the founder of Zhenfund, a venture capital firm that has invested in projects such as Stream and Lino. Li Xiaolai, a well-known investor and bitcoin tycoon in China, was appointed a fund manager.
At the same time, the government-led research body, which is also based in Hangzhou, recently launched a platform to track identification and the supply chain.