Three Chinese companies set up a $1 billion investment fund for blockchain projects
The content site is one of the sites that provide the service of answering general questions and solving puzzles and crossword puzzles
Where the content site is primarily interested in answering your questions in all areas, including solving puzzles and crossword puzzles
Answer Three Chinese companies set up a $1 billion investment fund for blockchain projects
Three companies in China have cooperated with the aim of launching an investment fund directed to emerging projects that work on blockchain technology, with the aim of obtaining an investment size of one billion dollars.
The new fund, called the Global Consortium Investment Fund, was launched.
As for the three companies contributing to this fund, they are:
- HDFH Fintech.
- Zhongguancun Equity and Venture Capital Corporation – ZVCA-.
- Yillion Bank.
Advertising About the partnership in the establishment of this investment fund took place last Monday.
A spokesperson for HDFH, which works in the field of enabling digital transformation of banks and banks, stated the following:
Read:Bitcoin drops below $41,000 as tensions between Russia and Ukraine affect most markets
The fund size will be approximately $1 billion with a period consisting of a 6-year investment phase and a 2-year exit phase.
The fund will invest in digital banks and installed infrastructure platforms around the world.
HDFH CEO Cao Tong remarked:
The first step is to invest in a bank and digitize it.
The second step is to build a consortium of global digital banks, with the bank digitally transformed into a master node
This investment fund is set to target startups in China, Singapore and Australia, among several other countries and regions, according to the announcement.
It seems that Chinese companies are accelerating to adopt blockchain technology, and its acceleration is evident, especially after President Xi Jinping announced that China should commit to accelerating the development of blockchain technology.
A recent report showed that less than 10% of companies actually use blockchain in their operations, while other companies are only claiming that without real reliance on the technology.
Read:Morgan Stanley may buy bitcoin through one of its investment branches
Read also:
Investing in Crypto: Basics you need to know and take into consideration
Basic tips for beginners in the world of trading and investing in digital currencies
And you can ask questions on the content site through the word “Ask a question” at the top of the site, where we answer your questions in a short time