China is apparently working towards digitizing the digital yuan.
Chinese venture capitalists returned to the crypto market to take a better look at what’s new and hot in the crypto industry. They are now trying to find ways to boost the homegrown crypto platforms as we are reading further in the latest cryptocurrencies news today.
The recent developments in the People’s Republic of China have excited the Chinese venture capitalists and not only the BTC holders. The 2018 bear market was really brutal and most of the 90 percent of China’s venture capital fled the scene. This year, there is a decent recovery in the industry as the total crypto market capitalization gained about 100 percent since the start of the year.
The recent bullish comments from the Chinese President Xi Jinping added even more momentum when he said that China has to embrace blockchain technology in order to innovate. Bitcoin even surged by more than 40 percent in one night and the technology companies saw increases in stock prices. Additionally, the Chinese cryptocurrencies such as NEO and TRON surged during the developments.
According to the Chinese financial data tracker, the Chinese blockchain and crypto startups raised more than $368 million via 71 funding deals in the first six months of 2019. The reports indicate that funding is flowing back into the crypto sector and that this could be very good news for the homegrown crypto projects. NEO backed NEO Global Capital announced that they would be raising a second fund of more than $50 million since the first one created in 2017 had returns of up to 7-9 times according to the NEO partner Tony Gu.
Also, the hardware giant Bitmain is among the most well-funded crypto companies with Hyperchain in second place. The company develops a lot of blockchain products and distributed ledger technologies. Last month, it was reported that Hyperchain has plans to bring the blockchain technology into the national power grid of China. Other notable VC investments include the $500 million Fundamental Labs fund which backed industry giants such as Binance, Canaan Creative and Coinbase. This year the fund invested more than $40 million into Bitcoin mining that could increase the total network hash rate of the cryptocurrency.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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