China's Huiyin Group Launches $20 Million Bitcoin Fund

Multibillion-dollar investment company Huiyin Group has launched a $20m bitcoin-focused investment fund.

AccessTimeIconDec 1, 2016 at 1:10 p.m. UTC
Updated Aug 18, 2021 at 5:27 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

screen-shot-2016-11-30-at-11-21-36-am
screen-shot-2016-11-30-at-11-21-36-am

Huiyin Group, a multibillion-dollar investment company based in China, has announced the launch of Huiyin Blockchain Ventures (HBV), a subsidiary fund focused solely on investments in the sector.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • Launching with $20m in committed capital, HBV will now seek to invest the funds over the course of the next six to 12 months. The fund will be managed by James Wo, the son of Huiyin Group founder, and focus on improving the blockchain ecosystem through investments in infrastructural projects and new use cases.

    But while the firm may have "blockchain" in its name, those close to the fund suggested the firm is unlikely to invest in enterprise or so-called alternative blockchain projects.

    Wo indicated that the fund will have a special focus on projects building on or otherwise supporting the bitcoin blockchain.

    Wo said in a statement:

    "We are seeking to invest into bitcoin-related companies to help enrich the industry, as we see a large opportunity for a return on our investment. As the bitcoin industry continually matures, the use of bitcoin will continue to grow and proliferate in China, as well as the rest of the world. HBV intends to be at the forefront of this technology as it continues to gain traction globally."

    The firm has already started investing through their fund, backing Indian bitcoin brokerage Unocoin, content monetization platform Yours and Purse.io, a bitcoin-powered e-commerce marketplace.

    Purse CEO Andrew Lee will also serve as an advisor to the fund.

    Family business

    For Huiyin Group, HBV's parent fund, the announcement follows its more recent move into the technology sector. (Huiyin Group is a family-owned investment group that has focused on traditional industries like real estate, energy and agriculture).

    But in the past few years, Wo and his father have taken a personal interest in bitcoin, which ultimately led to the creation of the new fund.

    Speaking about the family, Lee said:

    "Out of all the investors I've spoken to [in China], they have a deeper commitment to bitcoin than anyone else, and probably the best economic and political ties to the Chinese economic machine to really further the bitcoin ecosystem."

    Lee also hinted at much larger investment announcements in the bitcoin ecosystem to be revealed in the coming months.

    China money image via Shutterstock

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.