China Mobile Communications Corporation (CMCC), a major Chinese telecoms giant, is reportedly investing $100 million in a new fund focused on blockchain-related startups in Asian countries.
The fund, called the CMCC Blockchain Fund of Funds (BFF), has been established by the CMCC Blockchain Research Institute. According to reports, the institute is aimed at supporting and promoting the development of blockchain technology in the region.
The fund will be used to invest in venture capital funds, incubation platforms, and self-built or invested technology firms. It will focus on investing in blockchain- or Internet-of-Things (IoT) related startups, considering four key criteria including technology, team, marketability, and vision.
The fund is also looking to fund projects pertaining to 5G, artificial intelligence, big data, and cloud computing. It will target, but not limit, investments to countries in East and Southeast Asia, including Japan, South Korea, Singapore, Malaysia, Hong Kong, and Thailand.
CMCC Blockchain Research Institute said it will utilize the CMCC’s international cooperative resources, government resources, and part of its financial resources, to promote collaborations between Chinese and foreign blockchain enterprises, venture capital institutions, and universities. The fund will be managed by the CMCC Blockchain Research Institute together with local investment organizations.