Chinese government-backed, $1.6 billion innovation funds was announced on 9th April, which happened during the opening of the Hangzhou Blockchain Industrial Park which was reported by Lie Yunwang a local news outlet in China.
Yuhang District Government financed the Xiongan Global Blockchain Innovation Fund who says 30% of the total funds are government guided. The fund would be managed by Hangzhou Haoyu Investment Management Co and Future Science and Technology City Administrative Committee.
INBlockchain and Handan Investment makes up Hangzhou Haoyu Investment Management their previous projects includes Qtum, EOS, Zcash, and SIA. Li Xiaolai a well know Bitcoin investor and Lao Mao a blockchain celebrity would be the two managers of the fund.
During the opening ceremony, 10 blockchain projects from around the world were successfully contracted at the Hangzhou Blockchain Industrial Park. This day also witnessed the establishment of the Zhejiang Shimang Blockchain Strategic Development Research Institute. The fund, the industrial park and the research institute, the 3 Blockchain related entities will give financial support as well as academic support for the development of Blockchain technology in Hangzhou.
This comes weeks after an international Blockchain center in China was canceled over legal issues.
Some of the companies in China have supported Blockchain technology like top retailers JD.com and Alibaba.
China banned ICOs, and exchange like services also foreign exchanges within the country.