Chinese telecommunications giant China Mobile Communications Corporation (CMCC) has announced it has splashed $100 million on a new venture capital fund focused on blockchain startups in Southeast Asia.
The newly launched venture capital fund CMCC Global SEA Fund (GSEA) is the latest in a string of investments by CMCC into blockchain technology ventures around the world. CMCC has already invested in notable blockchain projects such as Ripple and Orbs in the past.
The new fund will focus on blockchain-related startups in Asia, including those in the region’s fintech, digital health, and manufacturing industries. This fund is part of a strategy to help “advance and grow the blockchain ecosystem” in the region.
The venture capital fund is a joint venture with CMCC Global, a subsidiary of CMCC, and Southeast Asian-focused venture capital firm Amplifier Ventures. It will be aimed at blockchain startups at the early stages of development, primarily seed and early-stage investments.
This also follows recent investments by the state-backed media giant into blockchain-focused projects, such as blockchain game Melonport, which was recently acquired by CMCC Global.
The $100 million investment is a further indication of China’s commitment to promoting blockchain technology in Asian countries. Last month, a report from the Chinese Ministry of Industry and Information Technology showed that China is leading the world in blockchain development, and that the sector is also developing rapidly in Southeast Asia.
The move by CMCC also shows their commitment to promoting the development of blockchain technology in Southeast Asia, and could be a significant boost for startups in the region. The potential of blockchain technology is well-recognised in Asia, with numerous countries in the region having already adopted a strong stance in favour of the technology, while others are actively looking for ways to increase its presence.