Chinese City of Shenzhen to Support Blockchain Investment Fund

The Shenzhen Government City in China is supporting a finance that will give approximately $80 million in its first segment to local blockchain-focused startups.

In a different sign of Chinese warming up to blockchain, Shenzhen city is supporting a blockchain-focused investment fund, according to a local newspaper Sohu.

The move was preannounced a few days ago at the Blockchain Expo organized by the China Electronic Commerce Association and that hosted by Shenzhen. The fund looks forward to allocating approximately $80 million (500 million yuan) to blockchain startups within the City during the initial phase of its launch.