Singapore and China institutions boost Asian blockchain investment
Golden Gate Ventures, a Singapore-based venture capital group, and Bank of China have separately announced plans to invest millions of dollars in new blockchain projects.
The Singapore company, which provides seed capital for tech start-ups across Southeast Asia, said on Friday it was launch a $10m fund to invest in cryptocurrency and blockchain start-ups.
It said the fund, called LuneX Ventures, will invest in early-stage companies globally in sectors such as crypto exchanges and cyber-security firms.
Meanwhile, state-run financial services group Bank of China was reported in a local media outlet called The Paper to be investing in further fintech innovation, including blockchain projects and the Internet of Things (IoT).
Bank of China chief information officer Liu Qiuwan was reported as saying the company would raise its investment in fintech to around 1% of its operating income, which in 2017 was HK$251,862m ($32bn). This would represent a total investment of a massive $320m.
Qiuwan said that in 2018, the bank has been applying blockchain to 12 different projects “mainly focusing on data sharing, cross-border payment, digital currency, digital bills, etc.”