Fun

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

News Feed - 2023-04-06 05:04:11

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


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 36kr.com. China’s third largest state-owned insurance institution Pacific Insurance Investment Management Hong Kong Branch and Waterdrop Capital launched a compliant blockchain venture capital fund and POS token income enhancement fund in Hong Kong. https://t.co/CctT9av4W3


— Wu Blockchain (@WuBlockchain) April 3, 2023


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. 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. Hidden Treasure: Every Modern Copy of macOS Contains a Copy of Bitcoin"s White Paper NEWS | 3 hours ago Microstrategy"s Bitcoin Holdings Reach 140,000 BTC After Acquiring 1,045 More Bitcoins NEWS | 11 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleOKX 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. Bitcoin.com 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 NewsIn Case You Missed ItDraft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament


A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Iran to Increase Penalties for Unauthorized Cryptocurrency Mining Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design

News Feed

Metaverse, AI, and Liquid Staking Tokens Lead Year-to-Date Crypto Asset Gains Among Top 125
Metaverse, AI, and Liquid Staking Tokens Lead Year-to-Date Crypto Asset Gains Among Top 125 In 2023, the leading crypto assets, such as bitcoin and ethereum, have captured decent g
Bitcoin Decline Continues: Is $86,800 The Level To Watch?
Este artículo también está disponible en español. On-chain data shows the Realized Price of the Bitcoin short-term holders lies at $86,800 right now, making the level one
Bitcoin volatility plunges below Tesla, Nvidia stocks amid $100K price prediction
Yashu Gola8 hours agoBitcoin volatility plunges below Tesla, Nvidia stocks amid $100K price predictionLower Bitcoin market volatility often precedes significant bull runs, suggesting that the current trend could propel p
Arijit Sarkar12 hours agoSantander offers Bitcoin, ETH trading for Swiss account holders: ReportHigh-net-worth individuals of Santander Private Banking International will have access to trade BTC and ETH, according to a
Today’s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits
Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (A
Bitcoin Halving Searches Surge – Phrase Touches Google Trends All-Time High
Bitcoin Halving Searches Surge - Phrase Touches Google Trends All-Time High The notorious bitcoin halving is expected to happen in 20 days either on or around May 12, 2020. The anti
Can Dogecoin Hit $4? Expert Sets Prediction For Breakout Timing
Este artículo también está disponible en español. Analysts and investors alike have Dogecoin under the lens, particularly in light of recent forecasts indicating a possib
Gold ‘Clearly Turned Bearish’ Says Societe Generale as TD Securities Strategists Expect Further Downside
Gold "Clearly Turned Bearish" Says Societe Generale as TD Securities Strategists Expect Further Downside According to market analysts, the precious metal gold is officially in a be
Lightning Network Exploits Continue to Hinder the Bitcoin Scaling Solution
Lightning Network Exploits Continue to Hinder the Bitcoin Scaling Solution While bitcoin has run-up to all new price highs in 2020, a great number of crypto supp
Bitcoin price rally to $65K fueled by ‘complete exhaustion’ from sellers — Glassnode
Nancy Lubale1 hour agoBitcoin price rally to $65K fueled by ‘complete exhaustion’ from sellers — GlassnodeBitcoin price displayed surprising strength after various market participants absorbed over 48,000 BTC that
Report: Softbank’s Internet Firm Z Holdings Plans to Launch NFT Mall in 180 Countries
Report: Softbank"s Internet Firm Z Holdings Plans to Launch NFT Mall in 180 Countries Z Holdings, the internet subsidiary of the Japanese conglomerate holding company Softbank, is
Southeast Asia’s Largest Bank DBS Enters the Metaverse
Southeast Asia"s Largest Bank DBS Enters the Metaverse DBS, the largest bank in Southeast Asia, says it is “the first bank in Singapore to make a foray into the metaverse.&#