The Chinese government, which has imposed a general ban on Bitcoin (BTC) and cryptocurrencies, seems to be starting to soften in this ban.
State-backed CPIC Investment Management is preparing to launch two cryptocurrency funds in Hong Kong, according to the news of China's local media outlet 36Kr.
It is stated that CPIC Investment Management will launch these crypto funds in partnership with investment firm Waterdrip Capital.
Backed by the Chinese government, CPI is the second largest property insurance company in China after China People's Insurance Company.
The funds to be released are named "Pacific Waterdrip Digital Asset Fund I" and "Pacific Waterdrip Digital Asset Fund II".
It was stated that the first of these funds aims to offer investors more diverse and innovative investment options, while the second fund will manage digital assets using the PoS system.
It was stated that both funds will target institutional investors and wealthy private investors.
Waterdrip, which partners with CPI in crypto funds, confirmed the news of the partnership, saying that both crypto funds are in line with the Hong Kong government's digital asset policy.
“This collaboration on crypto funds aims to provide investors with digital asset products that are legally compliant and focused on risk control, and combine the expertise of the two institutions to enable investors to reap benefits in the crypto markets.”
