A report by 36Kr indicates that CPIC Investment Management, a subsidiary of China Pacific Insurance (CPI), is collaborating with investment firm Waterdrip Capital to launch two cryptocurrency funds.
This development further implies that the Chinese government may have a more positive outlook on the cryptocurrency industry than previously thought.
CPI is the second-largest property insurance company in mainland China, jointly owned by the Shanghai municipal government, China Securities Finance, and the central government of China.
According to the report, the two new crypto funds are the Pacific Waterdrip Digital Asset Fund I, a venture capital fund targeting early-stage blockchain investments, and the Pacific Waterdrip Digital Asset Fund II, which will manage proof-of-stake digital assets. These funds are expected to attract affluent private investors and institutions.
Waterdrip confirmed the news via Twitter that the launch of two mutual crypto funds is related to the execution of incentive policies related to virtual assets by the Hong Kong government.
Waterdrip is a global investment organization that supports blockchain and crypto startups. Established in 2017, the firm gained prominence for its backing of the Chinese crypto mining industry and investments in initiatives such as Peaq, a decentralized Web3 network based on Polkadot.
With the implementation of incentive policies related to virtual assets by the Hong Kong government, CPIC Investment Management (HK) Company Limited and Waterdrip Capital jointly launched a digital asset fund.https://t.co/OeyulJNbo6
— Waterdrip Capital (@waterdripfund) April 3, 2023
Waterdrip is a worldwide investment organization that provides support to projects related to blockchain and crypto startups. The firm, established in 2017, gained popularity for its support of the Chinese crypto mining industry and investments in initiatives like Peaq, a decentralized Web3 network based on Polkadot.
A recent report by DeFi Planet claims that China is actively promoting blockchain technology and enhancing its fintech industry, despite its negative stance on cryptocurrencies.
On March 28, 2023, the Ministry of Industry and Information Technology, responsible for overseeing the fintech industry in China, announced its plans to establish clear standards for its blockchain and distributed ledger technology systems by 2025.
To solicit feedback on blockchain development, the ministry has published a draft of guidelines on its website and invited submissions from individuals from diverse backgrounds. The deadline for submissions is April 28, 2023.
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