Chinese investment firm Huiyin Group this week launched a new subsidiary fund called Huiyin Blockchain Ventures (HBV). The funding vehicle will be used to provide investment in Bitcoin-related companies. The fund has been started with an initial $20 million in capital which HBV will invest during 2017. Huiyin also announced that James Wo will be responsible for managing the fund. Wo is the son of the founder of Huiyin Group. Wo will be advised by Andrew Lee, the CEO of Purse.
According to Wo, the goal of the fund is to focus on companies and projects that are supporting Bitcoin’s blockchain. In a statement, Wo said, “We are seeking to invest into bitcoin-related companies to help enrich the industry, as we see a large opportunity for a return on our investment. As the bitcoin industry continually matures, the use of bitcoin will continue to grow and proliferate in China, as well as the rest of the world. HBV intends to be at the forefront of this technology as it continues to gain traction globally."
Huiyin Group has until recently been better known for its investment in the energy sector, agricultural endeavors, and real estate. The focus on new technologies has been a new development in the last several years, with the Wo family expressing increasing interest in Bitcoin. The family also has powerful connections to China’s economy at both the political and economic levels – something that Lee says could boost Bitcoin’s success in the country.