China dominates so much of the bitcoin space these days, with the biggest exchanges, miners and equipment producers all hailing from the middle kingdom. For this reason it is reassuring to see that Chinese investors that wish to expand the bitcoin ecosystem are more than willing to help finance firms from all over the world, despite have a huge home market.
Yesterday it was reported that a newly revealed Chinese fund of $20 million, Huiyin Blockchain Ventures, has invested in content monetization network Yours, the San Francisco based Purse.io, and India’s bitcoin wallet and exchange Unocoin – which recently raised $1.5 million.
The new VC describes itself as a firm that partners with innovative start-ups and entrepreneurs to help them grow and define the future of the blockchain economy. They want to provide strategic investment in a number of areas, including infrastructure, exchange, payment, remittance or use cases.
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Huiyin Blockchain Ventures gets its financial backing from its parent company, the Huiyin Group. The Chinese firm manages diversified investments in commerce, energy, medicine, agriculture, tourism, electronics, chemicals, commerce and food and beverages. Huiyin Group has more than 20 subsidiaries, assets of over $2 billion and more than 1,000 employees.
In the beginning of the week we reported that Unocoin has developed and released a new mobile app for iOS and Android devices. The wallet app will allow users to buy and sell bitcoin in exchange for Indian rupees as well as send, receive and store the cryptocurrency. The implementation is timely because bitcoin adoption is rapidly advancing in India, fuelled by the government’s decision to demonetize 500 and 1000 rupee notes.