The Shenzhen Administration supports the launch of a fund for investment in blockchain-startups

The authorities intend to use 5 billion yuan for investment in urban startups. 24.Apr.18 8:29 AM By John M Jeffcoat Photo Toinnov.com    341

The news portal bits. Media reports on the desire of the administration of the Chinese city of Shenzhen to support the fund for investing in blockchain-startups. The administration of Shenzhen announced this after the authorities of the city of Hangzhou at the event of the China Electronic Commerce Association, held last Sunday. The fund for investing in block-start-ups is ready to spend about 500 million yuan in this industry in Shenzhen, which is 80 million dollars. The total city fund contains 5 billion yuan (800 million dollars), this is the amount the municipal authorities are ready to invest in urban blockchain-start-ups. The work of the new fund will be monitored by two investment firms, which are under the control of the municipal commission that controls all public funds. Liu Zhongpu, a significant official, and commissar of the Shenzhen City Administration Advisory Committee was appointed as Fund Adviser. Within the public-private partnership, 40 percent of the funds, which is $ 32 million, will come from the city fund, which was launched in early spring by the city's municipal authorities.

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