Chinese city launches $1.6-billion blockchain fund

A new Chinese blockchain initiative has been created to invest in blockchain-related startups, CoinDesk reported.

30% of the Xiong’An Global Blockchain Innovation Fund is backed by the Hangzhou city government.

Hangzhou is known as an incubator for innovation, with major tech companies such as Alibaba located within the city.

The report stated that the city’s industrial park will also be used as an incubator for blockchain startups selected by the fund.

Blockchain investor Li Xiaolai has been appointed as manager of the fund and will be charged with investing the cash into blockchain projects with high potential for returns.

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Chinese city launches $1.6-billion blockchain fund