{"id":19547,"date":"2023-04-06T09:13:01","date_gmt":"2023-04-06T09:13:01","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/chinese-state-owned-company-launches-2-crypto-funds-in-hong-kong-bitcoin-news\/"},"modified":"2023-04-06T09:13:01","modified_gmt":"2023-04-06T09:13:01","slug":"chinese-state-owned-company-launches-2-crypto-funds-in-hong-kong-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/chinese-state-owned-company-launches-2-crypto-funds-in-hong-kong-bitcoin-news\/","title":{"rendered":"Chinese State-Owned Company Launches 2 Crypto Funds in Hong Kong \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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One of China\u2019s leading insurers has backed the establishment of two crypto investment funds in Hong Kong. The business move comes against the backdrop of the region\u2019s ambitions to become a hub for digital assets, and despite the negative regulatory attitude towards the market in the mainland.<\/strong><\/p>\n

Chinese Insurance Giant Enters Crypto Space Through Hong Kong Subsidiary<\/h2>\n

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.<\/p>\n

CPIC is China\u2019s third largest state-owned insurance company, Chinese crypto journalist and blogger Colin Wu, also known by the Twitter handle \u2018Wu Blockchain,\u2019 noted in a post on Monday, citing a report by the Chinese news outlet 36kr.com.<\/p>\n

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China\u2019s 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<\/a><\/p>\n

\u2014 Wu Blockchain (@WuBlockchain) April 3, 2023<\/a><\/p>\n<\/blockquote>\n

Waterdrip is an international investment institution supporting blockchain-oriented projects and crypto startups such as Polkadot, among others. It was founded in 2017 by \u201cthe most forward-thinking Chinese blockchain pioneers,\u201d according to its website.<\/p>\n

The companies have launched two funds for investments in the sector \u2014 a venture capital fund called Pacific Waterdrip Digital Asset Fund I and Pacific Waterdrip Digital Asset Fund II, also referred to as \u2018POS Token Income Enhancement Fund.\u2019<\/p>\n

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<\/a>) apps, while the second will mainly hold digital assets based on the proof-of-stake (POS) consensus mechanism.<\/p>\n

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.<\/p>\n

The central government in China has been cracking down<\/a> on crypto-related activities in the People\u2019s Republic, but there have been indications that Hong Kong\u2019s plan to become a major hub for digital assets has the backing of Beijing. A recent report<\/a> by Bloomberg revealed that China\u2019s state-owned banks have been opening their doors to crypto companies<\/a> coming to the region.<\/p>\n

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China<\/a>, chinese<\/a>, CPIC<\/a>, Crypto<\/a>, Crypto Funds<\/a>, Cryptocurrencies<\/a>, Cryptocurrency<\/a>, Digital Assets<\/a>, Funds<\/a>, Hong Kong<\/a>, Insurance<\/a>, insurance company<\/a>, insurer<\/a>, investment funds<\/a>, Waterdrip<\/a><\/div>\n<\/div>\n

Do you expect more Chinese state-owned companies to get involved in Hong Kong\u2019s growing crypto market? Tell us in the comments section below. <\/strong><\/em><\/p>\n

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\nLubomir Tassev <\/h6>\n

\nLubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens\u2019s quote: \u201cBeing a writer is what I am, rather than what I do.\u201d Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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