Three Chinese companies have created a $ 1 billion blockchain investment fund. The foundation reportedly titled “Global Digital Bank ConsortiumBlockchain Investment Fund ”, was created with the support of fintech company HDFH, venture capital company Zhongguancun Private Equity & Venture Capital Association (ZVCA) and Yillion Bank.
The fund will go to the development of digital banking and “proven” fintech infrastructure platforms.
The first step will be digital transformationbanking sector. The second step is the creation of a global blockchain consortium of digital banks, in which the bank will be the digital node, said Cao Tong, chairman of HDFH.
The fund aims to help startups located in China, Singapore and Australia, as well as in other countries and regions.
Since President Xi Jinping stated thatthe state needs to accelerate the development of technology, Chinese companies have more actively begun to enter the blockchain space. However, there is information that only 10% of firms actually use blockchain in their activities.