Zhejiang Huamei Pens Four-Way Deal to Set Up Blockchain Incubator

Zhejiang Huamei Pens Four-Way Deal to Set Up Blockchain Incubator

Liu Jing &Tang Shihua

Date: Sat, 08/04/2018 - 00:37 / source:Yicai
Zhejiang Huamei Pens Four-Way Deal to Set Up Blockchain Incubator
Zhejiang Huamei Pens Four-Way Deal to Set Up Blockchain Incubator

Yicai Global) Aug. 3 -- Zhejiang Huamei Holding, an advertiser and printer under Hangzhou Daily Press Group, has joined forces with three investors to set up an incubator for blockchain technology firms.

The four firms have penned a deal to register the new company with CNY10 million (USD1.5 million) in registered capital, it said in a statement yesterday. Huamei will take a 35 percent stake in the venture.

Blockchain is a digital ledger which holds public records of transactions and is best known for its role in cryptocurrencies, but it has a wide array of uses. Tech giants like Alibaba and JD.Com are using it to track deliveries, governments are using it to crack down on landlord fraud, and one firm even hopes to iron out voter fraud using the technology.

China shut down all of its local virtual currency exchanges last year, but is keen to press ahead with blockchain development, and more and more venture capitalists are banking on its success.

As well as investing in startups and training entrepreneurs, the incubator will aim to be a leading information provider for blockchain and seek to become a hub for insights on policy orientation and industry development, the statement added.

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Keywords: BLOCKCHAIN, Venture Capital, Huamei Holding, Hangzhou Daily Press Group