Three Chinese companies have created a $1 billion blockchain investment fund. The fund is reported tocalled “Global Digital BankConsortium Blockchain Investment Fund was created with the support of fintech company HDFH, venture capital firm Zhongguancun Private Equity & Venture Capital Association (ZVCA) and Yillion Bank.
The fund's funds will be used to develop the digital banking sector and “proven” fintech infrastructure platforms.
The first step will be digital transformationbanking sector. Second step – creation of a global blockchain consortium of digital banks, in which the main node will be a digitally transformed bank, – 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 saidBecause the government needs to accelerate the development of technology, Chinese companies have begun to enter the blockchain space more actively. However, there is information that only 10% of firms actually use blockchain in their activities.