Chinese interest to feature in the cryptocurrency scene is steadily rising. Consequently, many firms are investing huge capital in the blockchain technology.
A venture capital (VC) firm, based in Beijing, Node Capital has announced that it is preparing to launch its U.S firm with 200,000 worth of Ethereum. The VC firm which is targeting the blockchain community has allocated approximately $90 million to fund investments in the said technology as well as to fund startups in the North American market. The firm is willing to proceed with its plans in spite of, the looming trade wars between the U.S and China.
Local group to run operations
According to We Chat which covered the story, Node Capital made the announcement on Wednesday at a location in San Jose. The Venture Capital firm is preparing to put up an office which will be run by a local group with an aim of funding more startups interested in the blockchain technology. The operations will be run similar to how the U.S run theirs’. However, the launch date will be given later.
A venture partner at Node Capital, Shi Xiangyu stated that they were looking to deploy the new investment capital where local where local advantage would apply. He went on to say the technology, exchanges and the media will all be good opportunities.
Node’s Capital interests
80% of Node’s Capital investment is currently based in China. It has interests in trans-fee mining. The Venture Capital firm has stakes in hardware wallet developer Coldlar as well as Jinse Finance. The two firms are very popular in the Chinese market as the boast possession of the largest crypto media outlets across China.
The founder of Node Capital, Du Jun had stated in a press conference that one of a Beijing based company had bought around 160 crypto startups and that China takes the largest share of about 80%.
Node Capital recently expanded its portfolio by adding ICOs, Gifto, IOST, and Zilliqa in addition to its partnership that it has had with Huobi exchange for a while now. The firm was also behind the sponsoring of the Silicon Valley Blockchain Week held last month.
The company is planning five events in New York, Los Angeles, Toronto, Silicon Valley, and Chicago in a bid to find its next partner company.