Wanxiang Group to invests in blockchain technology

Investing | October 5, 2015 By:

Wanxiang Group is planning to invest in blockchain technology through two new initiatives.

Chao Deng, managing director at Wanxiang-owned subsidiary DataYes confirmed, a $50m venture capital fund that will invest broadly in applications for blockchain technology.

“About two years ago, we saw the rise of blockchain technologies, and we started research and we were very optimistic about their prospects. We know that blockchain tech has a wide range of applications. We don’t have any specific goals set yet, but we see opportunities,” said Deng.

Chao added that the $50m fund will seek to support “all crypto 2.0 projects”

Wanxiang Group Corporation is a Chinese multinational automotive components manufacturing company headquartered in Hangzhou, Zhejiang province, China.