The Huiyin Group, a multibillion-dollar Chinese investment company, has announced the launch of a subsiduary called Huiyin Blockchain Venture capital (HBV) that will be focused on the Blockchain sector.
According to a report in 8BTC, HBV has committed USD $20 million to invest over the next 6-12 months. The fund will be managed by James Wo, co-founder of Huiyin Group, and will focus on improving Blockchain ecosystems by investing in infrastructure projects and new applications.
The Huiyin Group is normally focussed on real estate, energy and agriculture and manages diversified investments in commerce, energy, medicine, agriculture, tourism, electronics, chemicals, commerce and food and beverages. It reportedly has more than 20 subsidiaries, with assets in excess of $2 billion.
“We are looking to invest in bitcoin-related companies to help enrich the industry as we see a huge return on investment opportunities. With the Bitcoin industry continues to mature, Bitcoin in China and other parts of the world will continue to grow and as the technology continues to gain traction on a global scale, HBV intends to be at the forefront of this technology, said James Wo, co-founder of Huiyin Group.”