China Supports Blockchain Startups with $ 79 Million

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China supports Blockchain startups | The opening of a blockchain venture capital fund of 500 million yuan (about $ 79 million) for the Chinese city of Shenzhen was announced at a blockchain expo in the city. This was reported by the local news agency Sohu on April 22.

China supports blockchain startups: Change of opinion in China?

The announcement at the China Electronic Commerce Association’s Expo announced that Shenzhen Angel Investment Guidance Fund, an $ 8 billion fund launched at the end of March, will contribute 40 percent.

The Fund is managed by Donghai and Star Capital, two investment funds controlled by the state-owned Supervision and Administration Commission of the State Council (SASAC).

Sohu reports that the Blockchain Technology Initiative of the Chinese Academy of Sciences and the Shenzhen Institute for Innovation and Development will collect more than 100 blockchain seed projects in which the venture capital fund incubation project will invest.

At the beginning of April, a blockchain innovation fund worth $ 1.6 billion was opened in Hangzhou, China during the opening of Blockchain Industrial Park in Hangzhou. The Xiongan Global Blockchain Innovation Fund is funded 30 percent by the Yuhang District Government.

Controversial: The Chinese police arrest 4 suspects for alleged “crypto-pyramid scheme”

Police in China’s northwestern city of Xi’an have arrested one main suspect and three accomplices for a suspected “pyramid scheme” that is said to have cheated more than 13,000 investors.

The lead suspect, identified by his surname Zheng, allegedly started preparing the plan in October 2017, using an Altcoin named Da Tang Coin (DTC) and affiliated with Hong Kong-registered DTC Holding.

The company is said to have advertised the program, which, according to its description, looks more like a Ponzi system in Phnom Penh, Xi’an, Ningbo and other cities and promised earnings of 80,000 yuan (~ $ 13,000 US dollars) per day. According to local news, the suspects managed to attract a large volume of investment between March 15 and 28, 2018 in a short time.

Author: Marko Vidrih @cryptomarks

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