1911 Group Co., Ltd. announces that it is going to launch an RMB100 million (US$14.3 million) fund to support the development of blockchain, according to Chinese media PEdaily.com
The 1911 Blockchain Fund focuses on investment in blockchain technology firms. It provides capital, technology and resources for blockchain’s application to digital finance, digital asset trading, supply chain and cybersecurity.
Around 10 provinces have launched blockchain fund worth around RMB40 billion (US$5.7 billion) in total in response to the Chinese government’s call for developing the blockchain industry.
President Xi Jinping regarded blockchain as a core technology and called for more support and investment on October 25.
Founder of 1911 Group Yu Zhifei said, "1911 Group have been focusing on new technology industry investment. 1911 Group has decided to cofound the 1911 Blockchain Fund with blockchain experts, famous investors and entrepreneurs in response to the government’s call. The new fund aims to promote the industrial application and innovation of blockchain technology and to promote national economic and social development."
Investment firms, such as Chinese seed fund ZhenFund and Sequoia China, have poured money into the blockchain industry as early as 2017. Nearly a thousand of blockchain funds have been established around the world, according to PEdaily.com.
Founded in 2016, 1911 Group manages a fund worth around RMB300 million (US$43 million) which focuses on the new economy and high technology field, covering AI, big data, Internet of Things (IoT), finance, entertainment consumption, blockchain, etc.