Chinese $1.6B Hangzhou Blockchain Industrial Park Opens

An announcement was recently made of a $1.6B blockchain innovation fund in the midsts of the Hangzhou Blockchain Industrial Park in China, reports Coin Telegraph.

The Yuhang District Government financed the Xiongan Global Blockchain Innovation Fund. Of the total funds, 30% are “government-guided”. The fund will be managed by the Future Science and Technology City Administrative Committee and the Hangzhou Haoyu Investment Management Co.

Hangzhou Haoyu Investment Management is composed of INBlockchain, and Handan Investment. Their previous works include EOSQtumSIA, and Zcash. Two of the fund’s managers are Lao Mao, a Blockchain “celebrity”, and Bitcoin (BTC) investor Li Xiaolai.

The opening ceremony of the Hangzhou Blockchain Industrial Park included ten blockchain projects that were “successfully contracted”. There was also the establishment of the Zhejiang Shimang Blockchain Strategic Development Research Institute. This Blockchain Industrial Park was opened mere weeks after plans for an international were canceled due to legal issues.

The country overall has enacted strict regulations on Blockchain, despite the support from Chinese companies including top retailer JD.com.

In the fall of last year, China banned Initial Coin Offerings (ICO). In January, it followed suit with “exchange-like services”, and the foreign exchange in February.