Chinese state insurance firm launches two crypto funds in Hong Kong: Report

The Chinese authorities appears to beryllium much bullish connected the cryptocurrency manufacture than 1 mightiness think, arsenic a large authorities institution is reportedly launching caller cryptocurrency funds.

CPIC Investment Management, a subsidiary of China Pacific Insurance Company (CPIC), is launching 2 crypto funds successful concern with the concern steadfast Waterdrip Capital, the section tech-focused bureau 36Kr reported connected April 3.

Owned by the cardinal authorities of China, the Shanghai Government and China Securities Finance, CPI is the 2nd largest spot security institution aft the People's Insurance Company of China successful mainland China.

The caller crypto funds reportedly see a task superior money referred to arsenic the Pacific Waterdrip Digital Asset Fund I, which volition absorption connected investments successful early-stage blockchain projects. The 2nd fund, called the Pacific Waterdrip Digital Asset Fund II, volition reportedly negociate proof-of-stake, oregon PoS, integer assets.

According to the report, the caller crypto funds volition people organization investors arsenic good arsenic affluent backstage investors.

Waterdrip is simply a planetary concern instauration supporting blockchain-related projects and crypto startups. Founded successful 2017, Waterdrip is known for supporting the Chinese crypto mining manufacture and investing successful projects similar Polkadot-based decentralized Web3 web Peaq.

Related: Hong Kong’s crypto rules acceptable a precocious barroom for ‘good reason,’ says SFC adviser

The steadfast took to Twitter to corroborate the quality connected Monday, stating that the motorboat of the 2 associated crypto funds relates to the implementation of inducement policies related to virtual assets by the Hong Kong government.

With the implementation of inducement policies related to virtual assets by the Hong Kong government, CPIC Investment Management (HK) Company Limited and Waterdrip Capital jointly launched a integer plus fund.https://t.co/OeyulJNbo6

CPIC did not instantly respond to Cointelegraph’s petition for comment. The nonfiction volition beryllium updated pending caller information. 

The quality comes amid the authorities of Hong Kong increasing progressively committed to the improvement of the section cryptocurrency infrastructure, distinguishing its crypto regularisation attack from China’s crypto prohibition enforced successful 2021. In precocious March, online reports suggested that immoderate crypto firms successful Hong Kong person been progressively attracting involvement from Chinese state-owned banks.

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