Chinese State-Owned Company Launches 2 Crypto Funds in Hong Kong

One of China’s leading insurers has backed the establishment of two crypto investment funds in Hong Kong. The business move comes against the backdrop of the region’s ambitions to become a hub for digital assets, and despite the negative regulatory attitude towards the market in the mainland.

Chinese Insurance Giant Enters Crypto Space Through Hong Kong Subsidiary

A Hong Kong-based company, part of the China Pacific Insurance Company (CPIC) group, has joined forces with Waterdrip Capital and established two investment funds in the special administrative region 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 36kr .com.

Waterdrip is an international investment institution supporting 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 for investments in the sector — a venture capital fund called Pacific Waterdrip Digital Asset Fund I and Pacific Waterdrip Digital Asset Fund II, also referred to as ‘POS Token Income Enhancement Fund.’