| less than a minute read
Chinese Auto Giant Wanxiang plans $50m blockchain fund
The strength of the blockchain technology continuously spreads out beyond financial services. Some evidence of this is in the move carried out by Chinese conglomerate Wanxiang Group, best known as one of the nation's largest auto parts manufacturers, to begin investing in blockchain technology through two new initiatives. The first is a non-profit intended to educate about blockchain, and the other is a $50m venture capital fund.
Chao told CoinDesk: "About two years ago, we saw the rise of blockchain technologies, and we started research and we were very optimistic about their prospects. We know that blockchain tech has a wide range of applications. We don't have any specific goals set yet, but we see opportunities."
