Receive all Cointelegraph news immediately in Telegram.
American venture investment firm Cherubic Venture has initiated a RMB 30 million fund which shall invest in digital currency and blockchain innovation startups.
American venture investment firm Cherubic Ventures has initiated a RMB 30 million fund which shall invest in digital currency and blockchain innovation startups. This will promote the development of an industry that is currently stalling.
Cherubic Ventures partnered with Huaxue, from Greater China, and will focus on internet financial innovation, especially on blockchain application in China.
Some of the projects will directly invest in digital currency considering its characteristics. Besides this, the fund will also supply follow up support by providing a business incubator, venture consultant, investment docking service at middle and later stage, etc.
In China, the development of digital currency and blockchain technology are still at early stages. The industry has not much support, not to mention its serious talent shortage and outflow. Though the industry started early in China, it has fallen behind the global development pace.
We have reached out to Simon Dixon, CEO of BnkToTheFuture.com and Fund Manager for Bitcoin Capital, regarding what this means for the sector’s future in China:
“China has been very active investing and speculating on Bitcoin and in the Bitcoin mining industry. They are a nation of investors, savers and speculators. The venture capital market for Bitcoin and Blockchain has lagged the US and Europe as has historically been the case with other technology startups. However, Internet Finance and FinTech are really starting to grow in China and they are perfectly positioned to build a buyoant startup and early stage Blockchain ecosystem. There are large exchanges and mining operations in China, but at BnkToTheFuture.com we have seen more activity from Chinese investors than startups seeking funding on our online investment platform in this sector. With such a culture of speculative investing I think this trend could change in 2016 and would expect to see more Blockchain applications from startups that come from China. We will certainly be looking for great Blockchain and Bitcoin applications and startups from China to bring to our online investors.”
In China things have only just started moving, despite the fact that other rich nations poured abundant funds in the cryptocurrency/blockchain sector since two years, as stated by Yuanbao Exchange Compliance Officer Jelena Strelnikova in a private conversation with CoinTelegraph:
“Currently, overseas research, development and investment in Blockchain technology witnesses heated progress, and it is recognized as one of the most disruptive technology for the financial and information industries. This year, 21 Inc. acquired a USD 16 million early stage venture capital from Qualcomm Ventures, and blockchain payment startup Align Commerce won a USD 12.5 million early stage investment from KPCB; while Chain, the blockchain infrastructure startup, announced USD 30 million venture capital raised from a variety of corporations such as VISA, NASDAQ and Citibank. Large financial institutions and IT corporations, such as NASDAQ , Citibank, UBS, Deloitte & Touche, IBM, JPMorgan, etc., not only invest in blockchain startups, but have also started building internal blockchain-based business platforms and applications or registering relevant patents.”
“Striving to be the earliest investor of the next iconic company", Cherubic Ventures aims to change the situation in the big asian country.
Follow us on Facebook
For updates and exclusive offers, enter your e-mail below.
Thank you for contacting us! We will reply to you as soon as possible.
Thank you for your interest in our franchise program.
We are considering your request and will contact you in due course. If you have any further queries, please contact: