Despite China’s strict stance on cryptocurrency trading and ICOs, it has not held back in showing its commitment to blockchain technology innovation. Today, it was announced that a $1.6 billion USD Chinese investment fund has been established, aimed at investing in blockchain-related innovative startups. 30% of the fund backing comes from the city government of Hangzhou, the tech hub of China where companies like Alibaba are located.
One of ATN’s leading investors, INBlockchain, run by Chinese blockchain celebrity Li Xiaolai, has been appointed as the manager of this new $1.6B fund. Also under INBlockchain’s portfolio are successful blockchain projects such as EOS, Qtum, and ZCash.
This news signifies a bright future for ATN and other blockchain projects supported by INBlockchain, as well as the many promising China-based blockchain projects. The new fund will operate out of Hangzhou, and even plans to offer a space in the city’s Industry Park as an incubation base for blockchain startups.