On April 9, in Chinese Hangzhou the Blockchain Industrial Park has been opened. During the opening ceremony the Xiongan Global Blockchain Innovation Fund with $1.6 billion of assets was established.
On April 9, in Chinese Hangzhou the Blockchain Industrial Park has been opened. During the opening ceremony the Xiongan Global Blockchain Innovation Fund with $1.6 billion of assets was established. Hangzhou city is famous by its innovation-friendly attitude; and such a large company as Alibaba is located there.
Xiongan Global Blockchain Innovation Fund is financed by the regional government, the city administration committee for innovation and technology and Hangzhou Haoyu Investment Management Co, which will manage the fund. At the same time, 30% of the fund's assets will be under the government management.
The famous bitcoin investors Li Xiaolai and Lao Mao are appointed as fund managers.
At the opening ceremony of the Hangzhou Industrial Park, the agreements with ten blockchain projects were successfully signed. And the Zhejiang Shimang Blockchain Strategic Development Research Institute was also established. All three blockchain associations (industrial park, fund and research institute) will provide academic and financial support for blockchain development in Chinese Hangzhou.
Remind, China has banned ICO and crypto-exchanges in January and now Chinese government is blocking crypto-websites.
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