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Chinese Fosun invests in the local version of bitcoin tech blockchain

Fosun Group invests in Shanghai start-up behind Onchain, a local version of an advertised technology that supports virtual currencies such as bitcoin.

27.Aug.17 2:35 PM
By Daria Zaytseva


Chinese Fosun invests in the local version of bitcoin tech blockchain

Fosun is the only investor in the first round of fundraising in Shanghai Distributed Technologies Co Ltd, Dauphin Chief Executive Officer Da Hongfei told Reuters. He said that he uses technology in his enterprises, which are as diverse as financial services and pharmaceuticals.

Fosun is China's largest private conglomerate and one of its most active investors. This was confirmed by the last investment, closed last month, and the amount in the tens of millions of yuan. He refused to specify.

Blockchain assumes the creation of permanent public registers of transactions. Its ability to protect and verify any exchange of data attracts attention from many industries. For example, in finance, it promises to simplify cross-border clearing and settlements, in which several parties are currently involved.

In China, the government encourages the development of blokchain to increase transparency and reduce fraud.

Shanghai Distributed Technologies has about 40 employees. It works on blokchain with financial firms and has a joint venture with the government of Guiyang City in southwest China to develop blockchain-based systems for public services.

Interest in blockchain grew this year in tandem with the cost of blockchain-based digital currencies, the number of which increased to hundreds. The most famous, bitcoin, grew this year by 480 percent, which caused concern about creating a market bubble.

Da, who has no formal technical training and led educational consultations before taking part in digital currencies in 2011, told Reuters that the potential of blockchain is confirming the excitement.

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