A RMB10 billion (US$1.6 billion) government-backed blockchain fund, dubbed Xiong An Global Blockchain Innovation Fund, has been launched in the Chinese city of Hangzhou to invest in innovative firms using blockchain technology. The fund is being co-established by the local government of Yuhang District, a suburb of Hangzhou, Hangzhou Future Science Town, and Hangzhou-based venture capital firm Tunlan Investment. Thirty percent of the funding comes from the government. Hangzhou, situated 100 miles southeast of Shanghai, is also home to e-commerce … Hangzhou Sets Up $1.6B Government-backed Blockchain Fund To Invest In Start-ups appeared first on China Money Network.