Chinese conglomerate Wanxiang Group (SHE:000559) plans to invest $50 million in a blockchain fund.
Chinese conglomerate Wanxiang Group (SHE:000559) plans to invest $50 million in a blockchain fund.
According to Coindesk:
First hinted at in a blog post by Ethereum creator Vitalik Buterin, Chao Deng, managing director at Wanxiang-owned subsidiary DataYes, confirmed that the company had completed a purchase of 416,000 ETH, the native token on the Ethereum blockchain, in an total investment of $500,000.
The investment, however, is just the first step in a multi-pronged plan that includes establishing two entities dedicated to promoting blockchain technologies. The first, a non-profit called Blockchain Labs, was co-founded by Buterin, BitShares co-founder Bo Shen and Feng Xiao, vice chairman and executive director of Wanxiang Holdings, the company’s investment arm.
The Blockchain Labs launch is to be followed by the creation of a $50m venture capital fund that will invest broadly in applications for blockchain technology and for which Wanxiang will be the sole limited partner (LP).
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