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Chinese City Shenzhen announces $79.2M Blockchain Fund

Shenzhen, the 2nd largest city in Guangdong Province China, home to tech giants including Tencent, Huawei and ZTE, has launched its first blockchain venture capital fund worth of US$79.2 million, announced at a blockchain expo in the city. Shenzhen Angel Capital Guiding Fund, a Shenzhen government-backed early stage government guidance fund, will provide 40% of the capital for the new Shenzhen fund. It will be managed by Donghai Capital and Hengxing Capital, both controlled by State-owned Assets Supervision and Administration Commission in Shenzhen.

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The fund will support start-ups selected from a pool of more than 100 blockchain projects.

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