CMCC Global Splashes $100 Million on Blockchain Fund Focused on Asian Startups
Chinese telecom giant China Mobile is splashing out $100 million on a blockchain fund focused on Asian startups. The move by China Mobile Communications Corporation (CMCC) Global was announced by the company on July 13.
According to the announcement, CMCC Global plans to partner with venture capital firm Qiming Ventur Partners, which is one of the leading VCs in China, to set up the “Pan-Asia Blockchain Fund”.
The Pan-Asia Blockchain Fund will actively seek out promising blockchain startups in Asian markets, including China, India, South Korea, Thailand, Indonesia, and Singapore. The fund will provide startup with not only financial support but also with guidance, mentorship and technical advice.
CMCC Global says that the fund represents their commitment to the development of the regional blockchain industry and it is intended to drive innovation in the space. It has identified three main areas of focus for the fund: blockchain technology application, blockchain economy industry and blockchain technology company incubation.
The move by CMCC Global is the latest example of how big companies are investing in blockchain technology. Over the past year, many large companies, including Google, Amazon, and Microsoft, have set up funds dedicated to blockchain-related projects.
CMCC Global is the international division of China Mobile, the world’s largest telecommunications operator. It has operations in over 50 countries and currently has over 800 million subscribers in total. The company is the leader in the mobile phone market in China and is one of the top three telecom operators in the world. It has recently been investing heavily in blockchain technology and has launched several pilot projects in China.