China's Huiyin Group Launches $20 Million Bitcoin Fund

Corin Faife (@corintxt) | Published on December 1, 2016 at 13:10 GMT

NEWS

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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.

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

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CoinDesk: Sweden's Central Bank Considers Digital Currency Use

Sweden's Central Bank Considers Digital Currency Use

Pete Rizzo (@pete_rizzo_) | Published on November 15, 2016 at 21:15 GMT

NEWS

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As profiled in The Financial Times today, Riksbank said it is facing pressure to make the switch following a decline in domestic cash use. (According to the report, the amount of notes in circulation has declined 40% since 2009).Sweden's central bank is now considering the possibility of issuing its own digital currency, though the exact technology it will use is yet to be determined.

Cecilia Skingsley, deputy governor at the Riksbank, said the bank is currently considering the tradeoffs of various technologies. Though she did not mention blockchain specifically, the FTcited the technology as one option the central bank might consider.

Skingsley said:

"We need to do the homework because it’s not an option for the public sector to stay on the sidelines and see the private sector cut off access to central bank money for individuals."

Notably, Skingsley said that the digital currency could be issued alongside banknotes and coins, but that Riksbank would not want to encourage illegal activity through the offering.

Skingsley is expected to expand on the idea in a speech tomorrow.

With the news, Sweden becomes the latest nation to see its central bank consider a digital currency, a process that for most has included at least some exploration of blockchain-based digital currencies.

In recent months, the Bank of England has openly discussed and explored issuing a digital currency using blockchain, while the People's Bank of China is reportedly investigating the idea.

Swedish Krona image via Shutterstock 

Central BankEuropeSweden

http://www.coindesk.com/sweden-central-bank-digital-currency/

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#5 - Kim Dotcom's Megaupload 2/BitCache Reaches Funding Target. Now What?

Author

Evander Smart

Kim Dotcom's Megaupload 2/BitCache Reaches Funding Target. Now What?

2288 Total views

216 Total shares

While fighting the U.S. in a New Zealand courtroom, Kim has seen fit to launch a funding campaign for his newest project, MegaUpload 2 (MU2) and BitCache, on BnkToTheFuture.

Over the weekend, Kim’s project was funded successfully. Kim spoke with CoinTelegraph about what comes next.  

Beat the clock

Kim Dotcom seems to constantly defy the odds. Whether it is the amount of traffic and hype he can generate or the mountains he climbs in fighting the U.S. Government head-on, Kim Dotcom is a whirlwind of news, big dreams, and publicity.

Given his name recognition, it might have been quite embarrassing to not reach his funding target by the October 24th deadline, but he did reach approximately $1 million USD with a couple of days to spare. The first $500k or so was made exclusively through Bitcoin investment, but Kim added bank transfers thereafter when investors mentioned they either were not familiar withobtaining Bitcoin, or it would take too long to do before the deadline. This surely helped him reach his goal within the given timeframe, as well.