ETHERLive
ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.

---

24hr ---
--%
Saturday Jun 23rd 2018
RESOURCES

The Basics

Learn the basics of Ethereum and various cryptocurrency technologies

Learn More

What is Ethereum?

Understand the underlying principles of the Ethereum Platform

Learn More

The Blockchain

Discover the revolutionizing technology known as the blockchain

Learn More
SUBMIT

Press Release

Submit a press release for consideration on ETHNews

Submit Press

Story / Dapp

Submit a story or DAPP to be considered for publication on ETHNews.

Submit Story

Explanation

Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

Submit Topic
ETHNews Logo
---
--%
Home
News
Etherlive
Ether Price Analysis
Resources
Contact Us

After Initial Snag, New Blockchain Investment Fund With Chinese State Ties Launches

By

Jordan

Daniell

WriterETHNews.com

After two failed starts by separate investment funds, a new Chinese blockchain innovation fund has solidified the nation’s long-term commitment to blockchain technology and has over a billion USD in government backing.

Announced today, the Zhejiang Xiongan Blockchain Strategic Development Research Institute (ZXBSDRI) was launched inside China's Hangzhou Blockchain Industrial Park.

The move is a step in the same direction as initiatives ETHNews previously reported, but uses new players.

The new blockchain research institute is jointly funded through the Xiongan Global Blockchain Innovation Fund, which is an initial purse comprised of investments by the Yuhang District Government, the Future Science and Technology City Administrative Committee, and the Hangzhou Yanqi Investment Management Company.

Notably, local media has reported that roughly 30 percent of the initial investment fund was put up by the Yuhang District Government, while the fund at large will be run by Hangzhou Xiongan Investment Management Co. In total, over $1.5 billion will be available for investment into companies seeking funding in the burgeoning blockchain space.

At today's opening ceremony, ten separate blockchain startups from around the globe, including those focusing on blockchain community engines, digital asset trading services, blockchain cloud computing platforms, and informational databases were, per a rough translation of local media, "successfully contracted and settled."

The Hangzhou Blockchain Industrial Park, in conjunction with the new Xiongan Global Blockchain Innovation Fund and ZXBSDRI, will function in concert, providing the academic, financial, and industrial foundation for the entire initiative moving forward.

The creation of the ZXBSDRI, in addition to helping sort the plethora of distributed ledger research already being done in China, could specifically offer unique insights for policy makers when combined with work being conducted by the People's Bank of China's Digital Currency Research Institute. Many believe China intends to create its own central bank digital currency (CBDC), which could replace cash.  

Jordan Daniell

Jordan Daniell is a full-time staff writer for ETHNews with a passion for techno-social developments and cultural evolution. In his spare time, he enjoys astronomy, playing the bagpipes, and exploring southern California on foot. Jordan lives in Los Angeles and holds value in Ether.

ETHNews is committed to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Zhejiang Xiongan, Zhejiang Xiongan Blockchain Strategic Development Research Institute or other Ethereum business and finance news.