A Chinese venture capitalist is planning to invest 200,000 worth of Ethereum valued at more than $90 million to finance startups in the North American market.
Beijing-based Node Capital announced the plan in defiance to the looming trade war between the US and China and the recent move by President Donald Trump to bar a number of Chinese from investing in US tech and to block several technology exports to Beijing.
The latest move from Node Capital underscores the growing interest of Chinese investors in the cryptocurrency space, with many mainland investors – who are awash with capital – looking for offshore opportunities in light of the ban by the Chinese government on initial coin offerings (ICOs) and digital currency trading.
According to the report, Node Capital is preparing to open up an office in the US comprised of a small group of local operators to start looking for blockchain-focused startups for possible funding. The US office will run like any other US-based company, the venture capitalist said.
However, the company was mum on its official launch date in North America.
Shi Xiangyu, a venture partner at Node Capital, said they are interested in allocating to local companies that are looking to take advantage of domestic opportunities. Some of their focus includes exchanges, media and technology, Shi said.
Diversifying
Eighty percent of Node Capital's portfolios, such as trans-fee mining, are in China. It also has significant exposure in hardware wallet developer Coldlar and Jinse Finance. Coldlar and Jinse are two of the biggest crypto media outfits in China, with widespread popularity across the country.
In his previous interview, Node Capital founder Dun Jun disclosed that one Beijing-based company bought nearly 160 digital currency startups and that 80% of those were Chinese.
This article appeared first on Cryptovest
