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

Solana Taps Another All-Time High Eclipsing Dogecoin’s Market Cap, SOL Jumped Over 300% Last Month
Solana Taps Another All-Time High Eclipsing Dogecoin"s Market Cap, SOL Jumped Over 300% Last Month Crypto assets have seen significant gains over the last month and one such digita
FTX estate to unload $7.6B locked Solana balance at 68% discount
Zhiyuan Sun7 hours agoFTX estate to unload $7.6B locked Solana balance at 68% discountBuyers are required to agree to a vesting period of four years for their FTX SOL purchase.4859 Total views5 Total sharesListen to arti
Survey: Almost Three out of Four Argentinians Are Willing to Purchase Crypto for Investing or Saving Purposes
Survey: Almost Three out of Four Argentinians Are Willing to Purchase Crypto for Investing or Saving Purposes A new survey, whose results were released earlier this week, has given
Biggest Movers: Near Surges by Over 25% on News of an Upcoming Stablecoin
Biggest Movers: Near Surges by Over 25% on News of an Upcoming Stablecoin NEAR rallied by over 25% on Friday, as speculation grew that Near Protocol was set to create a rival stabl
Bitcoin, Ethereum Technical Analysis: ETH Hits $1,600 as Crypto Surge Continues on Tuesday
Bitcoin, Ethereum Technical Analysis: ETH Hits $1,600 as Crypto Surge Continues on Tuesday Ethereum rose for a seventh consecutive session on Tuesday, as prices briefly climbed abo
Korean Police Seize Crypto Exchange Coinbit Over Allegations of $84 Million in Wash Trades
Korean Police Seize Crypto Exchange Coinbit Over Allegations of $84 Million in Wash TradesPolice in South Korea on Wednesday raided and seized the offices of Coinbit, the country&rs
Game Developers GSC Game World and Ubisoft Face Backlash About NFT Inclusion
Game Developers GSC Game World and Ubisoft Face Backlash About NFT Inclusion GSC Game World and Ubisoft, two game development companies, are dealing with backlash about the inclusi
Leaked Pentagon War Game Shows Gen Z Using Bitcoin to Battle the Corrupt State
Leaked Pentagon War Game Shows Gen Z Using Bitcoin to Battle the Corrupt StateThe United States has been creating military simulations, otherwise known as ‘war games,’ f
Mastercard Debuts Blockchain Surveillance Tool for Banks and Crypto-Centric Card Issuers
Mastercard Debuts Blockchain Surveillance Tool for Banks and Crypto-Centric Card Issuers On Tuesday, the multinational financial services corporation Mastercard revealed that it is
Ezra Reguerra5 hours agoHalf of stolen NFTs are sold within 3 hours: Nifty Newsletter, June 28–July 4Swiss bank Credit Suisse has partnered with the Swiss Football Association to release NFTs in support of women’s so
Derek Andersen4 hours agoFed Vice Chair Barr gives update on CBDC research, plugs stablecoin legislationMichael Barr expressed “strong concern” about stablecoins and appreciation of legislative efforts to address the
Prashant Jha1 hour agoDeFi activity on the decline, but investment rolls in: Finance RedefinedThe total value locked in DeFi plunged by nearly $5 billion in the past week, falling to $44 billion, according to DappRadar d