Wanxiang Group to invest $300,000 per year in blockchain projects

A $50 million venture fund invested by China's Wanxiang Group will be officially launched to finance blockchain source code projects.

    In September this year, the establishment of Wanxiang Blockchain Lab (WBL) demonstrated Wanxiang Group’s interest in distributed financial protocols such as Bitcoin and blockchain.

    Bo Shen, co-founder of WBL, said the company intended the project to be a practical one rather than a financial “speculation” one.

Shen said:

     “The company’s strategy is to focus our resources and energy on supporting blockchain technology and its applications, and we expect blockchain to have great potential in the coming years.”

     Once applications are formally submitted, WBL says it will review the various projects based on the criteria of “feasibility, significance, innovation and practicality” and will notify the project applicants of their final decision and opinion within two weeks.

WBL plans to grant $50,000 every two months, investing $300,000 per year to fund six blockchain source code projects.

     The first applications must be submitted by November 30th, as all projects need to be registered under an open source software license (such as the General Public License GPL or the MIT License).