Chinese State-Owned Company Launches 2 Crypto Funds in Hong Kong

Chinese State-Owned Company Launches 2 Crypto Funds in Hong Kong Chinese State-Owned Company Launches 2 Crypto Funds in Hong Kong  0

One of China’s leading insurers has backed the establishment of two crypto investment funds in Hong Kong. The business move comes against the backdrop of the region’s ambitions to become a hub for digital assets, and despite the negative regulatory attitude towards the market in the mainland.

Chinese Insurance Giant Enters Crypto Space Through Hong Kong Subsidiary

A Hong Kong-based company, part of the China Pacific Insurance Company (CPIC) group, has joined forces with Waterdrip Capital and established two investment funds in the special administrative region that will concentrate on the industry built around blockchain technologies and crypto assets.

CPIC is China’s third largest state-owned insurance company, Chinese crypto journalist and blogger Colin Wu, also known by the Twitter handle ‘Wu Blockchain,’ noted in a post on Monday, citing a report by the Chinese news outlet

Waterdrip is an international investment institution supporting blockchain-oriented projects and crypto startups such as Polkadot, among others. It was founded in 2017 by “the most forward-thinking Chinese blockchain pioneers,” according to its website.

The companies have launched two funds for investments in the sector — a venture capital fund called Pacific Waterdrip Digital Asset Fund I and Pacific Waterdrip Digital Asset Fund II, also referred to as ‘POS Token Income Enhancement Fund.’

The first one will invest in the early stages of new projects focused on the development of blockchain infrastructure, decentralized finance applications, Web3, metaverse, and non-fungible token (NFT) apps, while the second will mainly hold digital assets based on the proof-of-stake (POS) consensus mechanism.

The main goal behind the initiative is to provide investors with more diversified and innovative investment options. The target group of the funds will include institutional investors such as corporations and family offices as well as high-net-worth individual investors.

The central government in China has been cracking down on crypto-related activities in the People’s Republic, but there have been indications that Hong Kong’s plan to become a major hub for digital assets has the backing of Beijing. A recent report by Bloomberg revealed that China’s state-owned banks have been opening their doors to crypto companies coming to the region.

Tags in this story China, chinese, CPIC, Crypto, Crypto Funds, Cryptocurrencies, Cryptocurrency, Digital Assets, Funds, Hong Kong, Insurance, insurance company, insurer, investment funds, Waterdrip

Do you expect more Chinese state-owned companies to get involved in Hong Kong’s growing crypto market? Tell us in the comments section below.

Chinese State-Owned Company Launches 2 Crypto Funds in Hong Kong  1 Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Chinese State-Owned Company Launches 2 Crypto Funds in Hong Kong  2 Hidden Treasure: Every Modern Copy of macOS Contains a Copy of Bitcoin’s White Paper NEWS | 4 hours ago Chinese State-Owned Company Launches 2 Crypto Funds in Hong Kong  3 Microstrategy’s Bitcoin Holdings Reach 140,000 BTC After Acquiring 1,045 More Bitcoins NEWS | 12 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons

Previous article

OKX Liquid Marketplace Records Over USD 1 Billion in Institutional Trading Volume in 2023

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimerShow comments

More Popular News

In Case You Missed It

Chinese State-Owned Company Launches 2 Crypto Funds in Hong Kong  4

Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year

The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this … read more.

Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto Ethereum Foundation’s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether


Updated: 04/06/2023 — 06:00

Leave a Reply

Your email address will not be published. Required fields are marked *

Btc news © 2021 Frontier Theme