The CPIC Investment Management, under China Pacific Insurance, has partnered with another firm to initiate a couple of crypto funds.
Some positive news for the crypto space seems to have come in from China as CPIC Investment Management, a subsidiary company of the Chinese government-owned China Pacific Insurance, has decided to go ahead with two crypto funds in collaboration with Waterdrip Capital, another investment firm. China Pacific Insurance, the second largest insurance firm in China, is owned by the Shanghai municipal government, the central government of the country, and China Securities Finance.
A local tech daily reported the development, a part of which was translated as, ” This cooperation on digital asset funds aims to combine the expertise of the two institutions to provide investors with digital asset fund products that are legally compliant and focus on risk control, allowing investors to obtain benefits in the primary and secondary markets of digital assets At the same time, the safety of funds is guaranteed.”
The two funds include Pacific Waterdrip Digital Asset Fund I, a venture capital fund focused on crypto and blockchain projects at their early stages, and the Pacific Waterdrip Digital Asset Fund II, which will manage proof-of-stake digital assets. Waterdrip has a reputation for being a reputed investment firm for crypto projects and has supported several Chinese blockchain firms.
The news comes as China continues to develop its central bank digital currency (CBDC) and Hong Kong attempts to become a crypto hub through its various policies. The launch of the two crypto funds could strategize the path ahead for the growth of the crypto industry in China.