More and more companies all over the world are starting to see the benefits of digital currency and its underlying blockchain technology. The year 2015 has seen some spectacular numbers regarding VC investment in Bitcoin and the blockchain, and Cherubic Ventures will add another RBM 30m to that total. Funding future innovation in the digital currency and blockchain industry is never a bad thing.
Cherubic Ventures Enters The Digital Currency Ecosystem
Even though this investment comes from the American venture investment firm Cherubic Ventures, a lot of the money comes from Chinese investors. The fund has gained great support from Shengshi Capital and Ningbo Municipality, both of whom are shifting their focus to Internet financial innovation.
Blockchain technology will play a major role in the future of finance as we know it and China wants to be a part of that change when it happens. Pooling together an investment fund of RMB 30m – worth US$ 4.68m – will help develop new financial tools using blockchain technology. The main goal of this fund is to bring these types of development to the Chinese user.
Despite China being the largest player in the Bitcoin mining scene, most of the research and development regarding blockchain technology is done overseas. Various companies venturing into the world of digital currency and blockchain technology have acquired a lot of funding. Cherubic Ventures wants to help raise more capital for companies active in this space while finding new projects that can be beneficial to the Chinese population.
But there is more to this fund by Cherubic Ventures than just looking for blockchain companies and startups. Part of the fund will be used to purchase digital currency directly, as Bitcoin holds a lot of promise from a speculation and investment point of view. More money flowing into Bitcoin could have an interesting effect on the price although no details were provided regarding how much money will be injected.
Furthermore, Cherubic Ventures will supply follow-up support in the form of a business incubator, venture consultancy, investment docking services at middle and later stages, and much more. The goal is to become a part of the growing digital currency and blockchain ecosystem in an active and meaningful way, rather than just distributing funds.
Who is Cherubic Ventures?
The name Cherubic Ventures might not be a household name outside of the United States, but the combine is well-known for its early stage venture investment. Most of their business is conducted in both the US and Greater China, and Cherubic Ventures offices can be found in Beijing, San Francisco, and Taipei.
Over the course of recent years, Cherubic Ventures invested in more than 100 early stage investment projects around the globe. In fact, the venture investment firm has raised over US$ 1bn in funding in the USA alone. As far as their Chinese ventures go, Cherubic Ventures made successful investments in companies such as TianGe Interactive and Jindan Finance.
Source: Press Release via Email
Images courtesy of Shutterstock, Cherubic Ventures
Also published on Medium.