Chinese State-Owned Company Launches 2 Crypto Funds in Hong Kong

Chinese State-Owned Company Launches 2 Crypto Funds in Hong Kong – According to a report by Chinese news outlet 36kr.com, a company based in Hong Kong and affiliated with the China Pacific Insurance Company (CPIC) group has teamed up with Waterdrip Capital to establish two investment funds in the special administrative region. These funds will focus on the blockchain technology and cryptocurrency industry. 

CPIC is identified as China’s third-largest state-owned insurance company, as mentioned by Chinese crypto journalist and blogger Colin Wu, who goes by the Twitter handle ‘Wu Blockchain’. According to its website, Waterdrip is a global investment institution that backs blockchain-based projects and crypto startups, including Polkadot, among others. The company was established in 2017 by Chinese blockchain pioneers who were considered to be ahead of their time. 

- Advertisement -

People Also Read: Swiss Government-Owned Bank PostFinance to Offer Customers Crypto

Together with the Hong Kong-based company affiliated with the China Pacific Insurance Company (CPIC) group, Waterdrip has initiated two investment funds for the industry. The first one is a venture capital fund known as Pacific Waterdrip Digital Asset Fund I. The second one is referred to as ‘POS Token Income Enhancement Fund’ and is called Pacific Waterdrip Digital Asset Fund II. 

The initial investment fund will target the early stages of novel projects that concentrate on developing blockchain infrastructure, decentralized finance applications, Web3, metaverse, and non-fungible token (NFT) apps. On the other hand, the second fund will primarily invest in digital assets that utilize the proof-of-stake (POS) consensus mechanism. The objective of this initiative is to offer investors a broader range of inventive investment opportunities. 

The intended investors of the funds are institutional investors, such as corporations and family offices, along with high-net-worth individuals. Despite China’s government taking a tougher stance on crypto-related activities within the country, there are signs that Beijing supports Hong Kong’s ambition to emerge as a significant hub for digital assets. According to a recent Bloomberg report, state-owned banks in China have been welcoming crypto companies to the region.

READ MORE

Household Crypto Holdings Included in Bank of Russia’s Consumer Finance Survey

Tax Benefits for Bitcoin Businesses in Belarus Extended Until 2025

- Advertisement -

South Korean National Assembly to Pass Digital Asset Law in April

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

More From Evoclique