On Monday, the ‘Global Digital Bank Consortium Blockchain Investment Fund’ was announced at a forum in Shanghai, China. Cao Tong, the chairman of initiating firm Shenzhen
Hande Financial Technology Holdings (HDFH), revealed that the fund will amount to around $1 billion.
Along with HDFH, it was founded by the Zhongguancun Private Equity & Venture Capital Association (ZVCA) and Yillion Bank. The fund will build a blockchain consortium through investing in digital banks and supporting their development. The first investment phase will last for six years, followed by a two-year exit phase.
As Cao put it: “The first step is to invest in and digitally transform a bank. The second step is to build a global digital bank consortium blockchain, with the digitally transformed bank as the main node.”
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