China`s Fosun Invests in a Blockchain Start-up OnChain

China`s Fosun Invests in a Blockchain Start-up OnChain

China`s largest private conglomerate, Fosun, has reportedly invested in a local blockchain start-up Onchain.As Reuters (reuters.com) wrote, Fosun

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China`s largest private conglomerate, Fosun, has reportedly invested in a local blockchain start-up Onchain.

As Reuters (reuters.com) wrote, Fosun is China`s biggest private conglomerate and one of the most active investors. The company confirmed the latest investment and said the amount was tens of millions yuan.

Fosun is the only investor in the first round of fundraising of Shanghai Distributed Technologies Co Ltd, the start-up behind Onchain.

“Definitely, there are bubbles. Perhaps 95 to 99 percent of projects are rubbish. But you don’t know. Some are technologically good projects. I think the money (going into blockchain) is worth it.”, stated Shanghai Distributed Technologies Chief executive, Da Hongfei, who spoke to Reuters.

Shanghai Distributed Technologies has about 40 employees. The company is working on blockchain with financial firms and has a collaborative project with Guiyang city government in China’s south-west. The joint effort aims to develop blockchain-based systems for public services, as Reuters explained in their article.

The investment comes at a time when China has expressed its support for blockchain development, according to Reuters and cryptocoinnews.com.

Recently, China`s central bank has reportedly started its own digital currency research institute, as cryptocoinnews.com reported.

It is to be seen how one of the biggest markets in the world will implement blockchain technology.

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