Xu Liyi, the mayor of Chinese city Hangzhou, said back in February that Hangzhou would speed up the development of the future blockchain industry. Now the Hangzhou Blockchain Industrial Park is hosting the launch of the Xiong'An Global Blockchain Innovation Fund, which will help promising Chinese blockchain startups attract financing.
The Xiong'An Global Blockchain Innovation Fund will provide $1.6 billion (10 billion yuan) to blockchain startups. The announcement about its launch was made during the opening of the Hangzhou Blockchain Industrial Park, an incubation centre for startups. Notably, Hangzhou city in Zhejiang province is one of the biggest tech hubs in China and home to e-commerce giant Alibaba.
The founders of the initiative are the Yuhang District Government, the Future Science and Technology City Administrative Committee, and the Hangzhou Yanqi Investment Management Co. The fund will be managed by Li Xiaolai, a prominent Chinese Bitcoin investor. Xu Xiaoping, a well-known angel investor, will act as the fund’s advisor.
Hangzhou has been recognized as one of the top 4 Chinese cities notable for blockchain innovation alongside Beijing, Shanghai and Shenzhen. It is home for more than 30 companies operating in the blockchain industry. Back in April 2017, the city co-sponsored the Global Blockchain Financial Summit, the first blockchain summit hosted by a Chinese municipal government in history.