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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).

Click here to read the full article on Coindesk.

 

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