CPIC Investment Management, a China Pacific Insurance Company (CPIC) subsidiary that is government-backed, has announced the launch of two new cryptocurrency funds.
These funds will be focused on investing in blockchain technology, as well as digital asset staking.
The launch of these funds will take place in the Hong Kong Special Administrative Region of the People’s Republic of China, with the support of investment firm Waterdrip Capital.
It is expected that institutional investors, wealthy private investors, and family funds will be the primary shareholders.
One of the funds will concentrate on early-stage national blockchain projects, but its investments will not be limited to the blockchain infrastructure.
The other fund will target the development of decentralized financial applications, Web3 Saas service tools, programs for the multiverse, and NFT.
Meanwhile, the Chinese Ministry of Science and Technology has approved the establishment of a blockchain technology center in Beijing, which will focus on exploring the use of blockchain technology in various industries and the economy as a whole