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$1.6 Billion Chinese Fund Launches in Support of Blockchain Startups
Apr 9, 2018
 

$1.6 Billion Chinese Fund Launches in Support of Blockchain Startups

The Xiong’An Global Blockchain Innovation Fund launched with $1.6 billion (10 billion yuan) to funnel into promising Chinese blockchain startups. The announcement took place during the grand opening of the Hangzhou Blockchain Industrial Park in China. The industrial park, which will also serve as an incubation center for the startups, is located in one of the biggest tech hubs in China, Hangzhou city in Zhejiang province, home to e-commerce giant Alibaba. The fund’s announcement and the opening of the industrial park further establish Hangzhou as a rising center of blockchain technology in China. The government in Hangzhou has attached great importance to blockchain technology, ranking it just behind artificial intelligence and virtual reality technologies. Source: Bitcoin Magazine (https://bitcoinmagazine.com/articles/16-billion-chinese-fund-launches-support-blockchain-startups/#1523311741)

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