Chinese Auto Giant Wanxiang Plans $50 Million Blockchain Fund
Chinese conglomerate Wanxiang Group, best known as one of the nation's largest auto parts manufacturers, is investing in blockchain technology through two new initiatives. First hinted at in a blog post by Ethereum creator Vitalik Buterin, Chao Deng, managing director at Wanxiang-owned subsidiary DataYes, confirmed that the company had completed a purchase of 416,000 ETH, the native token on the Ethereum blockchain, in an total investment of $500,000. The investment, however, is just the first step in a multi-pronged plan that includes establishing two entities dedicated to promoting....
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Auto giant Wanxiang announced today that it will use blockchain technology as part of its newly announced smart cities initiative. Revealed at the Wanxiang-sponsored Global Blockchain Summit, the company intends to invest ¥200bn ($30bn) over the next seven years into a project that will find it purchasing 83 million square feet of land in Hangzhou on which it will build a new development designed to promote technology innovations. To better support this effort, Wanxiang is also seeking to fund blockchain entrepreneurs working on efforts that may be aligned with its objectives. Wanxiang....
Wanxiang Group, one of the largest automobile conglomerates in China, has announced its plans to invest in blockchain tech to the tune of $50 million. The company has reportedly purchased 416,000 ETH tokens on the Ethereum blockchain, confirmed by the company's managing director Chao Deng. Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference. Blockchain Tech Development. Indeed blockchain tech has been at the front and center of the latest cryptocurrency....
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