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State owned company in China launches two crypto funds in Hong Kong.

A Hong Kong-based company that is part of the China Pacific Insurance Company (CPIC) group has launched two investment funds that will concentrate on the industry built around blockchain technologies and crypto assets. CPIC is China’s third-largest state-owned insurance company. Chinese crypto journalist and blogger Colin Wu, also known by the Twitter handle ‘Wu Blockchain,’ noted in a post on Monday, citing a report by the Chinese news outlet

Waterdrip is an international investment institution that supports blockchain-oriented projects and crypto startups such as Polkadot, among others. It was founded in 2017 by “the most forward-thinking Chinese blockchain pioneers,” according to its website. The companies have launched two funds, a venture capital fund called Pacific Waterdrip Digital Asset Fund I and Pacific Waterdrip Digital Asset Fund II, also referred to as the ‘POS Token Income Enhancement Fund.’

The first one will invest in the early stages of new projects focused on the development of blockchain infrastructure, decentralized finance applications, Web3, metaverse, and non-fungible token (NFT) apps, while the second will mainly hold digital assets based on the proof-of-stake (POS) consensus mechanism. The main goal behind the initiative is to provide investors with more diversified and innovative investment options. The target group of the funds will include institutional investors such as corporations and family offices, as well as high-net-worth individual investors. A recent report by Bloomberg revealed that China’s state-owned banks have been opening their doors to crypto companies coming to the region.

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