Chinese telecommunications giant China Mobile Communications Corporation (CMCC) has reportedly launched a $100 million blockchain fund focused on early-stage startups in Asia.
The fund was jointly established by CMCC and regional venture capital company XVC Investment & Management Co. under the guidance of the Shenzhen Special Economic Zone Administration’s Industrial Promotion Bureau, local media reported.
The blockchain fund has reportedly received the approval of the Shenzhen government and is an extension of CMCC’s previous $3 billion venture capital arm, Aikang Venture Capital. Its primary focus is to invest in startups that are working on innovative blockchain technologies and digital assets.
CMCC’s blockchain fund focuses on early-stage startups from countries such as Singapore, Japan, India, South Korea, Australia, as well as nations in Southeast Asia. It will also target M&A and equity investment opportunities.
In an effort to facilitate collaboration and knowledge sharing with existing international players, the fund will invest in global digital assets across various industries. This includes e-commerce, finance, infrastructure, industrial internet, media, social networking, healthcare, education, gaming, and creative industries.
The blockchain fund will also help bridge the gap between traditional investors and the blockchain industry as well as nurture the local blockchain industry to advance its development.
CMCC is the world’s largest telecommunications company and is owned by the Chinese government. It operates China’s four major mobile networks—China Unicom, CHINA MOBILE, China Telecom, and China Radio and Television Corporation.