Huiyin launches $20m bitcoin-dedicated fund

Chinese investment firm Huiyin Group is launching a bitcoin and blockchain-focused investment subsidiary.

Huiyin Blockchain Venture (HBV) is starting out with $20m in committed capital to invest in startups and entrepreneurs in the space over the next six to 12 months.

The company’s website lists “infrastructure, exchange, payment, remittance or use cases” as some of the areas in which the firm is looking to “provide strategic investment”.

The fund has already begun to make investments backing Indian bitcoin mobile wallet Unocoin and online marketplace Purse.io.

Purse’s CEO Andrew Lee will also take on a role as an advisor at HBV.

The firm’s CEO James Wo is son of Huiyin Group’s founder and said, “We are seeking to invest into bitcoin-related companies to help enrich the industry, as we are seeing a large opportunity for 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 announcement of the fund comes as Saxo bank suggests in its annual “Top 10 Outrageous Predictions” that the price of bitcoin could exceed $2,100 next year.

Copyright © 2016 FINTECH GLOBAL

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