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China Mobile Communications Corporation (CMCC), one of the world’s largest telecoms operators, has announced the launch of a new $100 million fund dedicated to investing in blockchain startups and projects in Asia.
The CMCC Global Blockchain Investment Fund focuses on early-stage blockchain companies that are based in countries and territories that are within the economic and financial boundaries of the Association of Southeast Asian Nations (ASEAN), South Asia and the Middle East.
The fund will be managed by CMCC Capital, part of the telecom giant’s venture capital arm CM Capital. It is expected to invest in projects related to enterprise and consumer applications, network infrastructure, blockchain technology and applications, and other businesses related to the blockchain industry. The fund will look to provide financial resources and “strategic guidance” to its portfolio companies to help them achieve success in the marketplace.
CMCC is banking on the growth of the blockchain industry within Asia and expects the new fund to play a major role in cultivating and developing the sector on the continent. The fund will also aim to help CMCC “discover and seize opportunities in this emerging industry,” according to the company.
“The fund’s mission is to accelerate the development of the blockchain industry by supporting the development of high-quality projects in Asia,” said CMCC Capital president Chen Changhu. “We hope that, through the fund’s investments, we can better guide and serve the development of Asia’s blockchain industry.”