Chinese state insurance firm launches two crypto funds in Hong Kong: Report
The Chinese government appears to be more bullish on the cryptocurrency industry than one might think, as a major state company is reportedly launching new cryptocurrency funds.
CPIC Investment Management, a subsidiary of China Pacific Insurance Company (CPIC), is launching two crypto funds in partnership with the investment firm Waterdrip Capital, the local tech-focused agency 36Kr reported on April 3.
Owned by the central government of China, the Shanghai Government and China Securities Finance, CPI is the second largest property insurance company after the People's Insurance Company of China in mainland China.
The new crypto funds reportedly include a venture capital fund referred to as the Pacific Waterdrip Digital Asset Fund I, which will focus on investments in early-stage blockchain projects. The second fund, called the Pacific Waterdrip Digital Asset Fund II, will reportedly manage proof-of-stake, or PoS, digital assets.
According to the report, the new crypto funds will target institutional investors as well as wealthy private investors.
Waterdrip is a global investment institution supporting blockchain-related projects and crypto startups. Founded in 2017, Waterdrip is known for supporting the Chinese crypto mining industry and investing in projects like Polkadot-based decentralized Web3 network Peaq.
Related: Hong Kong’s crypto rules set a high bar for ‘good reason,’ says SFC adviser
The firm took to Twitter to confirm the news on Monday, stating that the launch of the two joint crypto funds relates to the implementation of incentive policies related to virtual assets by the Hong Kong government.
With the implementation of incentive policies related to virtual assets by the Hong Kong government, CPIC
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