A $1.6 billion fund meant for Blockchain innovation was publicized on April 9. This happened during the opening of Hangzhou Blockchain industrial ark which is based in China. This s according to Lie Yunwang which is a local news reporter and outlet.
Therefore, this innovation fund has been proven to get the finances from the Yuhang District government. Therefore, around 30% of the total funds which are specifically guided by the government. Therefore, the Hangzhou Haoyu investment management company, the future science, and technology city administrative committee will be involved in the management of the fund.
Composing the Hangzhou Haoyu investment management are the Blockchain and also the Handan investment. Therefore, the latest projects for the corporation are SIA, Zcash, Qtum and also the EOS. Therefore according to the article, two of the partners in INBlockchain which are the Blockchain “celebrity” Lao Mao and also the Bitcoin (BTC) investor LiXiaolai will be involved in the fund management.
During the opening meeting of the Hangzhou Blockchain industrial park, a total of ten Blockchain projects were launched and also contracted from all over the world. Additionally, a firm called the Zhejiang Shimang Blockchain strategic research Institute was also set up during the entire ceremony. Therefore, the three entities which were set up; the fund, the industrial park and also the research institute will be involved in the provision of the required information and education in regard to Blockchain technology especially to the people in Hangzhou.
Therefore, the launch of the current Blockchain industrial park just comes around a week after the cancellation of the Chinese Blockchain center due to unavoidable legal technicalities.
Some of the Chinese corporations have hugely supported the Blockchain move which is, for instance, the JD.co retailer in China and the project on the Blockchain startup incubator. Another supporter is the bank of china’s Blockchain scaling solution patent. However, China as a country has been faced with immense rules on crypto.
China was involved in the ban of the ICO last year, they also banned the “exchange-like services” in 2018 January and also were involved in the ban of the foreign exchanges in February 2018.