The exhibition Blockchain Expo, held by China Electronic Commerce Association, was announced the creation of a venture blockchain Foundation for the Chinese city of Shenzhen for 500 million yuan (about us $80 million).

It is noteworthy that 40% of these funds ($32 million) will be invested by the Fund Shenzhen Angel Investment Guidance Fund, which was launched by the municipal government of Shenzhen in late March.

New blockchain-the Fund will be administered two other investment companies, Donghai and Star Capital, which are under the control of the state Committee for the control and management of state property. Adviser of the Fund appointed Junpu Liu (Liu Zhongpu), a local government official and Commissioner of the Advisory Commission of Shenzhen government.

According to local publication Sohu, Chinese Academy of Sciences in collaboration with the Shenzhen Institute of innovation and development can assist the new venture Fund incubation blockchain project, which will be invested more than 100 blockchain projects.

It is worth noting that this news comes a few weeks after the government of Hangzhou has supported the launch of the Fund on blockchain innovations for $1.6 billion, 30% of which are owned by the government of the country.