China's Huiyin Group launches $20m blockchain fund

Capital for the fund, named Huiyin Blockchain Ventures (HBV) has already been committed, according to media reports linked from the firm's website. Huiyin aims to fully invest the fund over the next 12 months, with a focus on infrastructure projects and new use cases that will improve the blockchain ecosystem overall.

HBV will be managed by James Wo, the son of Huiyin's founder. Andrew Lee, CEO of US-based bitcoin marketplace Purse, in which the fund has already invested, will serve as an advisor. The fund will primarily seek investment opportunities supporting the bitcoin blockchain specifically rather than other applications of the technology. In addition to Purse, HBV has backed Indian bitcoin brokerage Unocoin and content monetization platform Yours.

"As the bitcoin industry continually matures, the use of bitcoin will continue to grow and proliferate in China, as well as the rest of the world," said Wo. "HBV intends to be at the forefront of this technology as it continues to gain traction globally."

Huiyin has historically focused on traditional industries in the China market such as real estate, energy and agriculture. In recent years Wo and his father have reportedly taken a personal interest in the technology sector and bitcoin specifically, with HBV intended to help spur the development of the technology.

While bitcoin is the first and best-known application of blockchain technology, the protocol has become increasingly attractive among other sectors. Due to its decentralized nature blockchain systems are considered highly resistant to hacking and other attacks that commonly affect centralized electronic databases.

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• Topics
• Greater China
• Fundraising
• Venture
• Financials
• China
• Technology
• Financial Services