Hangzhou builds $1.6bn blockchain fund

The fund will support startups that are developing the technology.

A new RMB10bn ($1.6bn) government-backed investment fund focusing on new businesses developing blockchain technology has been set up this week in Hangzhou, local media reports.

Around 30% of the funding will come from the local Yuhang District government, with other investors including Hangzhou Future Science Town and local venture capital firm Tunlan Investment.

See more from this Government Report: People's Republic of China

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